Document:

Exhibit 10.1

  
 Exhibit 10.1

 THE NASDAQ OMX GROUP, INC. 
 PERFORMANCE SHARE UNIT AGREEMENT 
 This PERFORMANCE SHARE UNIT AGREEMENT (this
“Agreement”) between The NASDAQ OMX Group, Inc., a Delaware corporation (the “Company”), and Robert Greifeld (the “Grantee”) memorializes the approval by the Management Compensation Committee of the
Board of Directors of the Company (the “Committee”) on March 1, 2010 of (i) the grant of performance share units to the Grantee pursuant to the terms of that certain Amended and Restated Employment Agreement by and between
the Company and the Grantee, effective as of January 1, 2007 (the “Employment Agreement”), and (ii) the performance goal with respect to such performance share units. 

RECITALS: 
 The
Company has adopted The NASDAQ OMX Group, Inc. Equity Incentive Plan (the “Plan”), which Plan (as it may be amended from time to time) is incorporated herein by reference and made a part of this Agreement. The Plan in relevant part
provides for the issuance of stock-based awards that are subject to the attainment of performance goals as established by the Committee. 
 The Committee has determined that it is in the best interests of the Company and its stockholders to grant the performance share units provided for herein to the Grantee pursuant to the Plan and under the
terms set forth herein as an increased incentive for the Grantee to contribute to the Company’s future success and prosperity. 
 Capitalized terms not otherwise defined herein shall have the meaning ascribed to them in the Plan (as in effect as of any applicable date of reference) or the Employment Agreement, as the case may be.

 NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties hereto agree as follows:

 1. Grant of Performance-Based Award. The Company hereby grants to the Grantee 80,000 performance share units (the
“Performance Share Units”), which Performance Share Units shall entitle the Grantee to receive up to 120,000 Shares (or a lesser number of Shares, or no Shares whatsoever), all in accordance with the terms and conditions set forth
in this Agreement and the Plan. Shares corresponding to the Performance Share Units granted herein are in all events to be delivered to the Grantee only after the Grantee has become vested in the Performance Share Units pursuant to Section 4,
below. 
 2. Performance Period. For purposes of this Agreement, the term “Performance Period” shall be
the period commencing on January 1, 2010 and ending on December 31, 2012. 
 3. Performance Goal. 

(a) Subject to the following sentence, the Performance Goal is set out in Appendix A hereto, which Appendix A is incorporated by
reference herein and made a part 

 
hereof. Notwithstanding the foregoing, the provisions of Section 16 or any other provision of this Agreement to the contrary, the Committee reserves the right to unilaterally change or
otherwise modify the Performance Goal in any manner whatsoever (including substituting a new Performance Goal), but only to the extent that the Committee has first determined that the exercise of such discretion would not cause the Performance Share
Units to fail to qualify as “performance-based compensation” under Section 162(m) of the Code. If the Committee exercises such discretionary authority to any extent, the Committee shall provide the Grantee with a new Appendix A in
substitution for the Appendix A attached hereto, and such new Appendix A and the Performance Goal set out therein (rather than the Appendix A attached hereto and the Performance Goal set out therein) shall in all events apply for all purposes of
this Agreement. 
 (b) Depending upon the extent, if any, to which the Performance Goal has been achieved, and subject to
compliance with the requirements of Section 4, each Performance Share Unit shall entitled the Grantee to receive, at such time as is determined in accordance with the provisions of Section 5, between 0 and 1.5 Shares for each Performance
Share Unit. The Committee shall, as soon as practicable following the last day of the Performance Period, certify (i) the extent, if any, to which, in accordance with Appendix A, the Performance Goal has been achieved with respect to the
Performance Period and (ii) the number of whole and/or partial Shares, if any, which, subject to compliance with the vesting requirements of Section 4, the Grantee shall be entitled to receive with respect to each Performance Share Unit
(with such number of whole and/or partial Shares being hereafter referred to as the “Share Delivery Factor”). Such certification shall be final, conclusive and binding on the Grantee, and on all other persons, to the maximum extent
permitted by law. 
 (c) Satisfaction of the Performance Goal is a prerequisite to Grantee’s entitlement to the receipt of
Shares for his Performance Share Units except that, in the event that Grantee’s employment with the Company terminates by reason of death or Permanent Disability (see Section 6(b)), the Committee may, in its sole discretion, determine to
permit Shares to be delivered prior to the satisfaction of the Performance Goal. If the Committee so exercises its discretion, Grantee shall receive 1.0 Share for each Performance Share Unit. 

4. Vesting of Performance Share Units. The Performance Share Units are subject to forfeiture to the Company until they become
nonforfeitable in accordance with this Section 4. Except as otherwise provided in Section 6, the risk of forfeiture will lapse on all Performance Share Units, and all Performance Share Units shall thereupon become vested, only if the
Grantee remains employed by the Company on and through December 31, 2012, the last day of the Performance Period (such vesting date, whether determined under Section 6 or this Section 4, is the “Vest Date”). In the event of
the occurrence of one of the events described in Section 6(b), other than the events of death or Permanent Disability if so permitted by the Committee (see Section 3(c)), vesting of the Performance Share Units is also contingent on the
Committee’s certification following the close of the Performance Period that the Performance Goal has been achieved. 
 5.
Delivery of Stock Certificates. As soon as practicable following the Vest Date and (except as otherwise determined by the Committee in the event of death or Permanent Disability as provided in Section 3(c)) the Committee’s
certification that the Performance Goal 

  
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has been satisfied, but in no event later than two and one-half months after the end of the calendar year in which occurs the later of (i) the Vest Date or (ii) subject to
Section 3(c), the end of the Performance Period, a certificate in the number of whole Shares (if any) equal to the product of (i) the number of vested Performance Share Units multiplied by (ii) the Share Delivery Factor (with such
product rounded up to the next whole number) shall be registered in the name of the Grantee and delivered to the Grantee or the Grantee’s legal representative, provided that the Grantee has otherwise complied with the requirements of
Section 13. Notwithstanding the foregoing, no certificate shall in any event be so registered or delivered in the event that the Grantee has not complied with the requirements of Section 13. 

6. Termination of Employment. 
 (a) In the event that (1) the Company terminates the Grantee’s employment with the Company for Cause or (2) the Grantee terminates his employment with the Company without Good Reason, all
Performance Share Units which have not as of the Date of Termination become vested shall be cancelled and forfeited, effective as of the Date of Termination, without further consideration to the Grantee. 

(b) In the event that (1) the Company terminates the Grantee’s employment with the Company without Cause, (2) the Grantee
terminates his employment with the Company for Good Reason, (3) the Grantee’s employment with the Company terminates by reason of death, Permanent Disability or Retirement, or (4) the Grantee’s employment with the Company
terminates by reason of the delivery of a Non-Renewal Notice by either the Company or the Grantee, all Performance Share Units shall become vested in accordance with the provisions of Section 4 as if the Grantee’s employment had not
terminated; provided, however, that in the event the Grantee breaches any of his obligations under Section 9 or 10 of the Employment Agreement, any unvested Performance Share Units or vested Performance Share Units for which Share
certificates have not yet been delivered shall be deemed cancelled and forfeited without further consideration to the Grantee. 

7. Repayment; Recalculation of Number of Shares to be Delivered. If the Company, for any reason, downwardly restates its financial
results with respect to the fiscal year of the Company ending December 31, 2009 or the fiscal year of the Company ending December 31, 2012, the Committee, in its sole discretion, may, to the extent permitted by law and to the extent it
determines in its sole judgment that it is in the best interests of the Company to do so, redetermine (i) the extent, if any, to which, in accordance with Appendix A, and based upon such restated financial results, the Performance Goal has been
achieved with respect to the Performance Period and (ii) the number of whole and partial Shares, if any, which, subject to compliance with the requirements of Section 4, the Grantee shall thereupon be (or shall have been, as the case may
be) entitled to receive with respect to each Performance Share Unit (with such number of whole or partial Shares being hereafter referred to as the “Revised Share Delivery Factor”). If the Committee in fact takes such action,
(i) in the event that Shares have not yet been delivered to the Grantee pursuant to the provisions of Section 5, the number of Shares to be delivered shall instead be determined based upon the Revised Share Delivery Factor and (ii) in
the event that Shares have already been delivered, the Committee shall require the repayment by the Grantee to the Company of that number of Shares equal to the difference 

  
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between the number of Shares so delivered and the lesser number of Shares which would have been delivered based upon the Revised Share Delivery Factor. 

8. Delivery of Shares. As soon as practicable following the Vest Date and the aforementioned certification of the
Committee, and compliance with all applicable tax withholding as described in Section 13 hereof, but in no event later than two and one-half months after the end of the calendar year in which the Vest Date occurs, the Company shall instruct the
registrar for the Company to make an entry on its books and records evidencing that the Shares underlying such vested Performance Share Units have been duly issued as of that date; provided, however, that the Grantee may, in the alternative, elect
in writing prior thereto to receive a stock certificate representing the full number of Shares acquired, which certificate may bear a restrictive legend prohibiting the transfer of such Shares for such period as may be prescribed by the Company. The
Company shall not be liable to the Grantee for damages relating to any delays in issuing the certificates. The underlying Shares may be registered in the name of the Grantee’s legal representative or estate in the event of the death of the
Grantee. In the event of the acceleration of the lapse of forfeiture restrictions as contemplated by Section 6(b) of this Agreement, this process shall occur as soon as possible following such vesting date, but in no event later than two and
one-half months after the end of the calendar year in which such vesting date occurs. 
 9. Tax Consequences. The Grantee
acknowledges that the Company has not advised the Grantee regarding the Grantee’s income tax liability or alternatives under Section 83(b) of the Code in connection with the grant or vesting of the Performance Share Units and the delivery
of Shares in connection therewith. The Grantee has reviewed with the Grantee’s own tax advisors the federal, state, and local and tax consequences of the grant and vesting of the Performance Share Units and the delivery of Shares in connection
therewith as contemplated by this Agreement. The Grantee is relying solely on such advisors and not on any statements or representations of the Company or any of its agents. The Grantee understands that the Grantee (and not the Company) shall be
responsible for the Grantee’s own tax liability that may arise as a result of the transactions contemplated by this Agreement. 
 10. Transferability. 
 (a) Except as provided below, or except to the
minimal extent required by law, the Performance Share Units are nontransferable and may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Grantee, except by will or the laws of descent and
distribution, and upon any such transfer, by will or the laws of descent and distribution (or upon such transfer required by law), the transferee shall hold such Performance Share Units subject to all the terms and conditions that were applicable to
the Grantee immediately prior to such transfer. Notwithstanding the foregoing, the Grantee may transfer any vested Performance Share Units to members of his immediate family (defined as his spouse, children or grandchildren) or to one or more trusts
for the exclusive benefit of such immediate family members or partnerships in which such immediate family members are the only partners if the transfer is approved by the Committee and the Grantee does not receive any consideration for the transfer.
Any such transferred portion of the Performance Share Units shall continue to be subject to the same terms and conditions that were applicable to such portion of the Performance Share Units immediately prior to transfer (except that such transferred

  
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Performance Share Units shall not be further transferable by the transferee). No transfer of a portion of the Performance Share Units shall be effective to bind the Company unless the Company
shall have been furnished with written notice thereof and a copy of such evidence as the Committee may deem necessary to establish the validity of the transfer and the acceptance by the transferee of the terms and conditions hereof. 

(b) Upon any transfer by will or the laws of descent and distribution, such transferee shall take the Performance Share Units and the
Shares delivered in connection therewith (the “Transferee Shares”) subject to all the terms and conditions that were (or would have been) applicable to the Performance Share Units and the Transferee Shares immediately prior to such
transfer. 
 11. Rights of Grantee. Prior to the delivery, if any, of Shares to the Grantee pursuant to the provisions of
Section 5, the Grantee shall not have any rights of a shareholder of the Company on account of the Performance Share Units. 
 12. Unfunded Nature of Performance Share Units. The Company will not segregate any funds representing the potential liability arising under this Agreement. The Grantee’s rights in respect of
this Agreement are those of an unsecured general creditor of the Company. The liability for any payment under this Agreement will be a liability of the Company and not a liability of any of its officers, directors or Affiliates. 

13. Securities Laws. The Company may condition delivery of certificates for Shares delivered for any vested Performance Share
Units upon the prior receipt from the Grantee of any undertakings which it may determine are required to assure that the certificates are being issued in compliance with federal and state securities laws. 

14. Withholding. The Grantee shall pay to the Company promptly upon request, and in any event, no later than at the time the
Company determines that the Grantee will recognize taxable income in respect of the Performance Share Units, an amount equal to the Federal, state, local or foreign taxes the Company determines it is required to withhold with respect to the
Performance Share Units. Such payment shall be made in the form of (i) cash, (ii) Shares already owned for at least six months, (iii) net settling with the Company that portion of the Shares otherwise to be delivered to the Grantee
with respect to the Performance Share Units sufficient to satisfy the minimum withholding required with respect thereto to the extent permitted by the Company, or (iv) in a combination of such methods, as irrevocably elected by the Grantee
prior to the applicable tax due date with respect to the Performance Share Units; provided, however, that if the Grantee fails to make such election by the time that the Company determines that the Grantee will recognize such taxable income, the
Grantee shall be deemed to have irrevocably elected to make such payment in the manner set out in clause (iii) of this sentence. The net settlement of the Shares underlying the vested Performance Share Units and the delivery of Shares
previously owned are hereby specifically authorized alternatives for the satisfaction of the foregoing withholding obligation. 

15. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without
giving effect to any principal of law that could result in the application of the law of any other jurisdiction. 

  
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 16. Amendments.
This Agreement may be amended or modified at any time by an instrument in writing signed by the parties hereto, except as otherwise provided in Section 3(a) or Sections 18 or 19 of this Agreement regarding permitted unilateral action by the
Committee or in Section 12 of the Plan related to amendments or alterations that do not adversely affect the rights of the Grantee in this Award. 
 17. Administration. Subject to Section 22, this Agreement shall at all times be subject to the terms and conditions of the Plan. The Committee shall have sole and complete discretion with
respect to all matters reserved to it by the Plan and decisions of the Committee with respect thereto and this Agreement shall be final and binding upon the Grantee and the Company. In the event of any conflict between the terms and conditions of
this Agreement and the Plan, the provisions of this Agreement shall control. The Committee has the authority and discretion to determine any questions which arise in connection with the award of the Performance Share Units hereunder. 

18. Compliance with Code Section 409A. It is the intention of the Company and Grantee that this Agreement not result in an
unfavorable tax consequences to Grantee under Code Section 409A. Accordingly, Grantee consents to any amendment of this Agreement as the Company may reasonably make in furtherance of such intention, and the Company shall promptly provide, or
make available to, Grantee a copy of such amendment. Any such amendments shall be made in a manner that preserves to the maximum extent possible the intended benefits to Grantee. This Section does not create an obligation on the part of Company to
modify this Agreement and does not guarantee that the amounts or benefits owed under the Agreement will not be subject to interest and penalties under Code Section 409A. 
 19. Imposition of Other Requirements. The Company reserves the right to impose other requirements on the Grantee’s participation in the Plan, on the Performance Share Units and on any Shares
acquired under the Plan, to the extent the Company determines it is necessary or advisable in order to comply with local law or facilitate the administration of the Plan, and to require the Grantee to sign any additional agreements or undertakings
that may be necessary to accomplish the foregoing. The Grantee agrees, upon demand of the Company or the Committee, to do all acts and execute, deliver and perform all additional documents, instruments and agreements which may be reasonably required
by the Company or the Committee, as the case may be, to implement the provisions and purposes of the Plan and this Agreement. 

20. No Right to Continued Employment. This Agreement shall not confer on the Grantee any right to be retained, in any position, as
an employee, consultant or director of the Company. 
 21. Notices. Any notice, request, instruction or other document
given under this Agreement shall be in writing and may be delivered by such method as may be permitted by the Company, and shall be addressed and delivered, in the case of the Company, to the Secretary of the Company at the principal office of the
Company and, in the case of the Grantee, to the Grantee’s address as shown in the records of the Company or to such other address as may be designated in writing (or by such other method. approved by the Company) by either party. 

  
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 22. Conflict.
In the event of conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of this Agreement will govern and prevail. 

23. Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or
enforceability of any other provision of this Agreement, and each other provision of this Agreement shall be severable and enforceable to the extent permitted by law. 
 24. Execution. This Agreement may be executed, including execution by facsimile signature, in one or more counterparts, each of which will be deemed an original, and all of which together shall be
deemed to be one and the same instrument. 

  
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 IN WITNESS WHEREOF,
the parties hereto have executed this Performance Share Unit Agreement on the 25th day of October, 2010. By execution of this Performance Share Unit Agreement the Grantee acknowledges receipt of a copy of the Plan. 

 

	
	THE NASDAQ OMX GROUP, INC.
	
	/s/ William H. Morgan
	 By:     William H. Morgan
 Title: Senior Vice President, Global HR

	
	ROBERT GREIFELD
	
	/s/ Robert Greifeld
	Signature

  
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 Appendix A

 Performance Goal for Performance Share Unit Grant 
 January 1, 2010 – December 31, 2012 Performance Period 
 This
Appendix A to the Performance Share Unit Agreement sets forth the Performance Goal to be achieved and, depending upon the extent (if any) to which the Performance Goal is achieved, the number of whole and/or partial Shares, if any, which the Grantee
shall have the right to receive with respect to each Performance Share Unit. Capitalized terms not otherwise defined herein shall have the meaning ascribed to them in the Agreement and the Plan (as in effect as of any applicable date of reference).

 The sole Performance Goal shall be non-GAAP earnings per share growth (“EPS Growth”) of the Company during
the Performance Period. EPS Growth shall be expressed as the compounded annual increase, if any, in the non-GAAP earnings per share of the Company during the Performance Period (“Percentage Rate of EPS Growth”), and shall be
determined based upon the amount, if any, by which: 
  

	(i)	the adjusted non-GAAP earnings per share of the Company, as determined in accordance with the provisions of the following paragraph, for the fiscal year of the Company
ending December 31, 2012 exceeds 

  

	(ii)	the non-GAAP earnings per share of the Company for the fiscal year of the Company ending December 31, 2009 (which has been determined to be $1.81).

 For purposes of the preceding paragraph, the adjusted non-GAAP earnings per share of the Company for the fiscal
year of the Company ending December 31, 2012 shall be equal to the earnings per share of the Company, for such fiscal year, adjusted as follows: 
  

	(i)	any stock or asset acquisition which is made during the Performance Period by the Company (or by any other member of the corporate controlled group which includes the
Company), or any other event enumerated in the definition of “Performance Goals” under the Equity Plan which occurs during the Performance Period (“Other Event”), shall be taken into account for such purpose if the financial
results of such acquisition (or such Other Event) are accretive to EPS Growth of the Company, as otherwise determined in accordance with US GAAP, for the fiscal year of the Company ending December 31, 2012, except to the extent that the
Committee, in its discretion exercised to the extent permitted under Section 162(m) of the Code and any other applicable laws and regulations, chooses to nevertheless disregard, in whole or in part, the financial results of such acquisition (or
such Other Event); provided, however, that the Committee may exercise all such foregoing discretion with regard to any acquisition (and with respect to any such Other Event) at any time during, or after the close of, the Performance Period.

  

	(ii)	 any stock or asset acquisition which is made during the Performance Period by the Company (or by any other member of the corporate controlled group
which includes the 

  
 A-1

	 	 
Company), or any Other Event, shall be disregarded if the financial results of such acquisition (or such Other Event) are dilutive to EPS Growth of the Company, as otherwise determined in
accordance with US GAAP, for the fiscal year of the Company ending December 31, 2012, except to the extent that the Committee, in its discretion exercised to the extent permitted under Section 162(m) of the Code and any other
applicable laws and regulations, chooses to take into account, in whole or in part, the financial results of such acquisition (or such Other Event); provided, however, that the Committee may exercise all such foregoing discretion with regard to any
acquisition (and with respect to any such Other Event) at any time during, or after the close of, the Performance Period. 

 The Committee will rely on the Company’s audited financial statements, non-GAAP reconciliations and related information for purposes of determining the amount, if any, of EPS Growth. 

Each Performance Share Unit shall, subject to the vesting provisions set forth in the Agreement, entitle the Grantee to 0.5 Shares for
the achievement of “threshold” EPS Growth performance, 1.0 Share for the achievement of “target” EPS Growth performance, and 1.5 Shares for the achievement of “maximum” EPS Growth performance.

 The following table sets forth these three EPS Growth performance levels: 

Table 1: Levels of Achievement of the Performance Goal 

 

							
	 	    	 Threshold

Performance
	    	 Target

Performance
	    	 Maximum

Performance

	 EPS Growth
 (compounded annual
 increase over the

Performance Period)
	    	 6% growth
 (Adjusted EPS
 equal to $2.16)
	    	 12% growth
 (Adjusted EPS
 equal to $2.54)
	    	 18% growth
 (Adjusted EPS

equal to $2.97)

 The following table sets forth, subject to the vesting conditions set forth in the Agreement, the total number of Shares deliverable to the Grantee as a result of achievement of each such Performance Goal
level. 
 Table 2: Number of Shares Deliverable Upon Achievement 

of Performance Goal 
  

					
	 Threshold

Performance
	 	 Target

Performance
	 	 Maximum

Performance

	40,000	 	80,000	 	120,000

  
 A-2

  
 For EPS Growth below
the “threshold” percentage level, no Shares shall be deliverable to the Grantee. For EPS Growth between (i) the “threshold” percentage level and the “target” percentage level or
(ii) between the “target” percentage level and the “maximum” percentage level (as specified in Table 1, above), the whole and/or partial number of Shares deliverable with respect to each Performance Share Unit
will be interpolated by the Committee to three decimal places. 
 Notwithstanding any of the foregoing provisions of this
Appendix A to the contrary, to the extent permitted under Section 162(m) of the Code and any other applicable laws or regulations, the Committee may adjust the “target,” “threshold” and “maximum” EPS Growth
performance percentage levels, in its sole discretion, so as to prevent the dilution or enlargement of the Grantee’s Performance Share Units as a result of any event specified in the definition of “Performance Goals” in the Plan, but
only to the extent that the exercise of such discretion would not cause the Performance Share Units to fail to qualify as “performance-based compensation” under Section 162(m) of the Code. 

All actions taken by the Committee pursuant to this Appendix A shall be final, conclusive and binding upon the Grantee, and all other
persons, to the maximum extent permitted by law. 

  
 A-3Exhibit 10.1

  
 Exhibit 10.1

 [FORM OF] 
 WOLVERINE BANK, F.S.B. 
 AMENDED AND RESTATED EMPLOYMENT AGREEMENT

 This Amended and Restated Employment Agreement (“Agreement”) by and between Wolverine Bank, F.S.B., whose
principal offices are located at 5710 Eastman Avenue, Midland, Michigan, 48640 (“Bank” or “Employer”) and David H. Dunn (“Executive”) is hereby amended and restated as of
                 , 2010 (the “Effective Date”). Any reference herein to the “Company” shall mean Wolverine Bancorp, Inc., the parent
holding company of the Bank. 
 WITNESSETH: 
 WHEREAS, the Executive is currently employed as President and Chief Executive Officer of the Bank pursuant to an employment agreement between the Bank and the Executive entered into as of June 1,
2009 (the “Original Agreement”); 
 WHEREAS, the Bank has adopted a Plan of Conversion pursuant to which the Bank will
convert to a federally chartered stock savings bank and become a wholly owned subsidiary of the Company (the “Conversion”); 
 WHEREAS, the Bank desires to amend and restate the Original Agreement in order to comply with certain regulatory requirements and to provide for certain provisions customarily provided in employment
agreements of publicly traded financial institutions; and 
 WHEREAS, the Executive has agreed to such changes. 

NOW THEREFORE, in consideration of the mutual agreements herein contained, and upon the other terms and conditions hereinafter provided,
the Bank and the Executive hereby agree as follows: 
 1. Employment. Employer employs Executive as President and Chief
Executive Officer, and Executive accepts employment, subject to the terms and conditions set forth in this Agreement. Executive also agrees to serve, if appointed or elected, as a member of the Board of Directors of the Employer (the
“Board”), and as an officer and/or director of any subsidiary or affiliate of the Bank or the Company. 
 2. Term
and Annual Renewal. 
 (a) The term of this Agreement will begin as of the Effective Date and will continue for thirty-six
(36) full calendar months thereafter. Commencing on the first anniversary date of the Effective Date of this Agreement (the “Anniversary Date”) and continuing on each Anniversary Date thereafter, a majority of the members of the Board
who are not executive officers of the Bank (the “Disinterested Directors”) may extend the term of this Agreement for an additional year such that the remaining term shall be thirty-six (36) months, unless written notice of non-renewal
is provided to Executive at least thirty (30) days prior to any such Anniversary Date, in which case the term of this Agreement will become fixed and will terminate at the end of the twenty-four (24) months following such Anniversary Date.
Prior to each Anniversary Date, the 

 
members of the Board who are not executive officers of the Bank will conduct a comprehensive performance evaluation and review of Executive for purposes of determining whether to extend this
Agreement (the “Performance Review”), and the results thereof will be included in the minutes of the Board’s meeting. Notwithstanding the foregoing, in the event that at any time prior to the Anniversary Date the Company or the Bank
has entered into an agreement to effect a transaction which would be considered a Change in Control under Section 10(a) hereof, then the Disinterested Directors may, after conducting a Performance Review, extend the term of this Agreement so
that it shall terminate thirty-six (36) months following the date on which the Change in Control occurs. 
 (b)
Continued Employment Following Expiration of Term. Nothing in this Agreement shall mandate or prohibit a continuation of Executive’s employment following the expiration of the term of this Agreement, upon such terms and conditions as the
Bank and Executive may mutually agree. 
 3. Duties. Employer shall employ the Executive to be the President and Chief
Executive Officer of the Employer and as such, Executive shall perform services the same as, or generally consistent with, the services generally and customarily performed by a President and Chief Executive Officer. Executive shall, subject at all
times to the control of the Board of Directors of the Employer, supervise and control all of the business and affairs of the Employer and shall have authority, unless determined otherwise by the Board of Directors and if not prohibited by Employer's
Articles of Incorporation or its Bylaws, to perform all acts, execute and deliver all documents related to the Employer, and take all steps Executive may deem necessary or desirable to effectuate the actions and policies of the Board of Directors of
the Employer. 
 4. Extent of Service. Executive shall devote Executive’s full business time, attention and
energies, as well as Executive’s best talents and abilities, to the business of the Employer in accordance with Employer’s instructions and directions and shall not, during the term of this Agreement, be engaged in any other employment for
any other employer. 
 5. Compensation. 
 (a) For all services rendered by Executive under this Agreement (including services as an officer, Executive, Director or member of any Board committee), Employer agrees to pay Executive an annual salary
(“Base Salary”) of $             per year from the Effective Date, payable according to the Employer’s regular pay practices, with subsequent annual Base Salary
increases, if any, based on an annual review by Employer’s Board of Directors. 
 At approximately annual intervals during
the fourth quarter of each fiscal year of the Bank during the term of this Agreement, the Board will review, or will cause to be reviewed, the Base Salary payable to the Executive, giving attention to all factors that the Board deems pertinent,
including, without limitation, any recommendations of the Board or the Compensation Committee of the Board, the performance of the Bank, the performance of the Executive and the compensation practices inside and outside of the Bank. The Board will,
after such annual review, determine the Base Salary to be paid until the completion of the next annual review, but such new Base Salary will not be less than the Base Salary as of the Effective Date. The Base Salary will be paid to the Executive in
accordance with the Bank’s usual and customary payroll practices applicable to its Executives generally. 

  
 (b) In addition, the
Employer may, annually, in its discretion after a review by the Employer of Executive’s performance for the year under review, pay the Executive a bonus in addition to the Executive’s Base Salary. The payment of a bonus is not required
under the terms of this provision of the Agreement, but if a bonus is awarded to the Executive the payment thereof shall be made within sixty (60) days of the determination to award a bonus. The bonus payment, if any, shall not be construed as
an increase in Executive’s Base Salary. 
 (c) Taxes and Other Amounts. All taxes (other than the Bank’s
portion of FICA taxes) on the Base Salary and other amounts payable to the Executive pursuant to this Agreement or any plan or program will be paid by the Executive. The Bank will be entitled to withhold from the Base Salary and all other amounts
payable to the Executive pursuant to this Agreement or any plan or program (i) applicable withholding taxes, and (ii) such other amounts as may be authorized by the Executive in writing, 

6. Executive Benefits. 
 (a) Executive shall be entitled to participate in any life insurance, disability, medical, hospital, health or dental insurance, or other bonus, incentive, profit sharing, stock option, retirement or
other Executive benefit plans of the employer, whether contributory or non-contributory, as may from time to time be uniformly maintained by Employer for its salaried Executives during the term of employment under this Agreement. 

(b) Employer will reimburse Executive for all reasonable and necessary business expenses incurred by him in the performance of his duties
under this Agreement upon the presentation by Executive to Employer, from time to time, of an itemized account of such expenditures, including receipts where appropriate. Such reimbursements shall be paid promptly by the Bank and in any event not
later than March 15 of the year immediately following the end of the calendar year in which the Executive incurred such expense. 
 (c) Employer shall provide the Executive with an automobile and reimburse Executive for substantiated expenses for the automobile. Executive shall comply with reasonable reporting and expense limitations
on the use of such automobile as may be established by the Bank from time to time, and the Bank shall annually include on Executive’s Form W-2 any amount of income attributable to Executive’s personal use of such automobile. Such
reimbursements shall be paid promptly by the Bank and in any event not later than March 15 of the year immediately following the end of the calendar year in which the Executive incurred such expense. 

(d) Employer shall provide Executive with membership in the Midland Country Club and will reimburse Executive for substantiated business
expenses related to such membership. Such reimbursements shall be paid promptly by the Bank and in any event not later than March 15 of the year immediately following the end of the calendar year in which the Executive incurred such expense.

  
 7. Early
Termination. Subject to the continuing obligations of the parties set forth in this Agreement, the Executive’s employment with the Bank may be terminated during the term of this Agreement in any of the following ways: 

(a) Executive’s death or disability will terminate this Agreement. For purposes of this Agreement “disability” shall be
defined as the Executive being unable to perform (in the judgment of the Employer evidenced by a resolution adopted in good faith by a majority of its Board of Directors) any substantial duty to Employer as set forth in Sections 3 and 4 of this
Agreement, by reason of illness, disability, incapacity or other inability, for a period of more than six (6) months; 

(b) Upon the mutual agreement of the Employer or Executive; 
 (c) Employer shall have the right to terminate this Agreement at any time for “Cause.” Termination for Cause shall mean termination because of, in the good faith determination of the Board,
Executive’s: 
 (i) personal dishonesty; 
 (ii) incompetence; 
 (iii) willful misconduct; 

(iv) breach of fiduciary duty involving personal profit; 
 (v) intentional failure to perform stated duties under this Agreement; 
 (vi)
willful violation of any law, rule or regulation (other than traffic violations or similar offenses) or any violation of a final cease-and-desist order; or 
 (vii) material breach by Executive of any provision of this Agreement. 
 (d) By
the Employer without Cause provided the Employer shall give Executive thirty (30) days advance written notice of the Executive’s termination; 
 (e) The Executive shall have the right to terminate his employment under this Agreement for Good Reason within ninety (90) days of the occurrence of the event giving rise to such Good Reason;
provided, however, the Executive must provide the Employer with written notice of such Good Reason and provide the Employer a period of at least thirty (30) days to cure the event giving rise to Good Reason. For purposes of this Agreement, the
term “Good Reason” means; 
  

	 	(i)	A material diminution in the Executive’s Base Salary; or 

  

	 	(ii)	A material diminution in the Executive’s authority, duties or responsibilities under this Agreement; or 

  

	 	(iii)	A material change in the geographic location at which the Executive must perform services under this Agreement; or 

 

	 	(iv)	Any other action or inaction that constitutes a material breach by the Employer of this Agreement; 

(f) Executive may terminate this Agreement without Good Reason provided Executive provides Employer with a ninety (90) day advance
written notice of such termination. 
 8. Employer’s Obligations. In the event the Employer terminates
Executive’s employment without Cause under Section 7(d) above or the Executive terminates his employment for Good Reason under Section 7(e) above, the Employer shall do the following: 

(a) Continue Executive’s then Base Salary, minus appropriate withholdings, which shall include, without limitation, FICA and
federal, state and local taxes (“'Base Salary Payment”), for a period of thirty-six (36) months following such termination, with such payments made on the same day or days of the month that such payments were made prior to termination
of employment in the ordinary course. Thereafter, the Employer shall not be responsible to the Executive for any additional Base Salary Payment. Employer’s obligation to pay the Base Salary Payments shall be conditioned upon: (i) Executive
executing a Separation and Release Agreement in the form approved by the Board; and (ii) Executive compliance with all the obligations set forth in Section 11 of this Agreement. 

In the event the Executive becomes employed by a third party or by the Employer at any time within the thirty-six (36) month period
referenced in this Section 8 of this Agreement and if the salary received by the Executive from the third party or from the Employer is equal to or greater than Executive’s then Base Salary Payment, the Base Salary Payments shall
terminate. If, however, the salary received by the Executive from the third party or from the Employer is less than the then Base Salary Payment, the Employer shall pay to the Executive the difference between the Base Salary Payment and the salary
received from the third party or from the Employer, less appropriate withholdings, which shall include, without limitation FICA and federal, state and local taxes. During the period of time Employer pays any remaining portion of Executive’s
Base Salary Payment, the Employer reserves, upon reasonable notice to the Executive and for reasonable periods of time, the right to call upon the Executive for consultation and advice regarding the Employer’s business. It is further understood
between the parties that, unless Executive is employed by the Employer, any Base Salary Payment or portion of Base Salary Payment that Executive may receive during this period of time shall not be counted toward any accrual of any pension, deferred
compensation and/or annuity plans that Executive is or may be entitled to. 
 (b) So long as the Executive is being paid all or
a remaining portion of the Base Salary Payment, the Employer, if appropriate under applicable law, shall continue to provide the Executive (i) with the equivalent of all of the remaining employment benefits the Executive was entitled to receive
prior to the time of Executive’s termination as permitted by applicable law and provisions of any benefit Plan, and benefits of any other fringe benefit plans in effect at the time of Executive’s Termination, and (ii) to the extent
permitted by applicable law (including, but not limited to, laws prohibiting discriminating in favor of highly compensated employees) and to the 

 
extent such coverage will not result in an excise tax or additional tax to the Company, Bank or Executive (other than ordinary income tax) (collectively, the “Insurance Restrictions”),
the Bank will cause to be continued life insurance and non-taxable medical and dental coverage substantially identical to the coverage maintained by the Bank for Executive prior to his termination or for a shorter period as will not result in a
violation of the Insurance Restrictions (other than ordinary income tax). If such payments are prohibited under applicable law, including the benefits that would have accrued on the Executive’s behalf under the employee stock ownership plan and
401(k) Plan (with the amount of benefits determined by reference to the benefits accrued on his behalf under such retirement programs during the twelve months preceding his termination of employment), the Employer shall (iii) continue to pay
such amounts to the Executive at the same time and for the same term that the Base Salary Payments are made, and (iv) if continued life insurance and non-taxable medical and dental coverage is not permitted due to the Insurance Restrictions,
the Executive shall receive a lump sum payment equal to the monthly premiums payable by the Executive to obtain similar benefits, with such payment made within ten (10) days of the Executive’s termination of employment, to the extent such
reimbursement does not violate the Insurance Restrictions (other than ordinary income tax). In addition, during the term the Executive is receiving Base Salary Payments, he shall continue to vest in any stock option or restricted stock award
previously granted to the Executive notwithstanding the terms of any stock option or restricted stock award agreement or equity incentive plan. 
 9. Termination and Board Membership. To the extent Executive is a member of the Board on the date of termination of employment with the Bank (other than a termination in connection with a Change in
Control), Executive will resign from the Board immediately following such termination of employment with the Bank. Executive will be obligated to tender this resignation regardless of the method or manner of termination (other than termination in
connection with a Change in Control), and such resignation will not be conditioned upon any event or payment. 
 10.
Termination in Connection with a Change in Control. 
 (a) Change in Control Defined. For purposes of this
Agreement, a “Change in Control” means any of the following events: 
  

	 	(i)	Merger: The Company or the Bank merges into or consolidates with another entity, or merges another bank or corporation into the Bank or the Company, and as a
result, less than a majority of the combined voting power of the resulting corporation immediately after the merger or consolidation is held by persons who were stockholders of the Company or the Bank immediately before the merger or consolidation;

  

	 	(ii)	Acquisition of Significant Share Ownership: There is filed, or is required to be filed, a report on Schedule 13D or another form or schedule (other than Schedule
13G) required under Sections 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended, if the schedule discloses that the filing person or persons acting in concert has or have become the beneficial owner of 25% or more of a class of the
Company’s or the Bank’s voting securities; 

  

	 	(iii)	 Change in Board Composition: During any period of two consecutive years, individuals who constitute the Company’s or the Bank’s Board
of Directors at the beginning of the two-year period cease for any reason to constitute at least a majority of the Company’s or the Bank’s Board of Directors; provided, however, that for purposes of this clause (iii), each director who is
nominated by the board by a vote of at least two-thirds ( 2/3) of the directors who were directors at the beginning of the two-year period shall be deemed to have also been a director at the beginning of such period; or 

 

	 	(iv)	Sale of Assets: The Company or the Bank sells to a third party all or substantially all of its assets. 

(b) Termination. If within the period ending one year after a Change in Control, (i) the Bank terminates Executive’s
employment Without Cause, or (ii) Executive voluntarily terminates his employment With Good Reason, the Bank will, within ten (10) calendar days of the termination of Executive’s employment, make a lump-sum cash payment to Executive
equal to the sum of three (3) times (i) Executive’s current Base Salary, and (ii) the amount of benefits that accrued on the Executive’s behalf under the employee stock ownership plan and 401(k) Plan (with the amount of
benefits determined by reference to the benefits accrued on his behalf under such retirement programs during the twelve months preceding his termination of employment). In addition, to the extent permitted by applicable law (including, but not
limited to, laws prohibiting discriminating in favor of highly compensated employees) and to the extent such coverage will not result in an excise tax or additional tax to the Company, Bank or Executive (other than ordinary income tax), the Bank
will cause to be continued for a period of three (3) years or for such shorter period as will not result in a violation of the Insurance Restrictions (other than ordinary income tax) following such termination, life insurance and non-taxable
medical and dental coverage substantially identical to the coverage maintained by the Bank for Executive prior to his termination, at no cost to the Executive, provided, however, that if earlier, such medical and dental coverage shall cease on the
date Executive becomes eligible for Medicare coverage unless Executive is covered by family coverage or coverage for self and a spouse, in which case Executive’s family or spouse shall continue to be covered for the remainder of the three
(3) year period. If continued life insurance and non-taxable medical and dental coverage is not permitted due to the Insurance Restrictions, the Executive shall receive a lump sum payment equal to the monthly premiums payable by the Executive
to obtain similar benefits, with such payment made within ten (10) days of the Executive’s termination of employment, to the extent such reimbursement does not violate the Insurance Restrictions (other than ordinary income tax). In
addition, the Executive shall receive three years of vesting credit under any stock option or restricted stock award granted to the Executive notwithstanding the terms of any stock option or restricted stock award agreement or equity incentive plan.

 Notwithstanding anything herein to the contrary, in the event a benefit is payable under this Section 10(b), no benefit
will be payable under Section 8 of this Agreement. 
 (c) 280G Cutback. Notwithstanding Section 10(b) above, in
no event shall the aggregate payments or benefits to be made or afforded to Executive (the “Termination Benefits”) constitute an “excess parachute payment” under Section 280G of the Internal Revenue Code of 1986, as amended,
(the “Code”) or any successor thereto, and to avoid such a result, the cash severance 

 
will be reduced by the minimum extent necessary in order for the value of the Termination Benefits to equal one dollar ($1.00) less than three (3) times Executive’s “base
amount,” as determined in accordance with Section 280G of the Code. 
 11. Nondisclosure/Non-Competition and
Non-Solicitation by Executive. 
 (a) Nondisclosure/Confidential Information. Executive acknowledges and agrees that
certain information obtained while employed by the Employer is confidential, and, is important to Employer and to the effective operation of Employer’s business. Executive, therefore, agrees that while employed by the Employer, and at any time
afterwards, he will make no disclosure of any kind, directly or indirectly, concerning any confidential information relating to Employer or any of its activities. 
 (b) Non-Competition. Executive further agrees that at all times while the Executive is employed by the Bank and during that period of time when Executive is receiving a Base Salary Payment from the
Employer and for a period of or thirty-six (36) months after the termination of his employment or the expiration of this Agreement or the expiration of that period of time when Executive is receiving a Base Salary Payment from the Employer,
whichever is later, Executive shall not, directly or indirectly, or individually or together with any other person, as owner, shareholder, investor, member, partner, proprietor, principal, director, officer, Executive, manager, agent,
representative, independent contractor, consultant or otherwise, engage or participate in any business that is in competition in any manner with the business of the Employer in any county in which the Employer has an office, without the written
permission of the Chairperson of the Board of Directors. Notwithstanding the foregoing, Sections 11(b) and 11(c) shall not be applicable on the event of a termination of employment within 12 months following a Change in Control. 

(c) Non-Solicitation. The Executive hereby understands, acknowledges and agrees that, by virtue of his position with the Bank, the
Executive has and will have advantageous familiarity and personal contacts with the customers, wherever located, of the Bank and has and will have advantageous familiarity with the business, operations and affairs of the Bank. In addition, the
Executive understands, acknowledges and agrees that the business of the Bank is highly competitive. Accordingly, at all times while the Executive is employed by the Bank and during that period of time when Executive is receiving a Base Salary
Payment from the Employer and for a period of thirty-six (36) months after the termination of his employment or the expiration of this Agreement or the expiration of that period of time when Executive is receiving a Base Salary Payment from the
Employer, whichever is later, the Executive shall not, directly or indirectly, or individually or together with any other person, as owner, shareholder, investor, member, partner, proprietor, principal, director, officer, Executive, manager, agent,
representative, independent contractor, consultant or otherwise: 
  

	 	(i)	Solicit in any manner, seek to obtain or service any business of any person who is or was a customer or an active prospective customer of the Bank during the one-year
period prior to the termination of Executive’s employment; or 

  

	 	(ii)	Request or advise any customer, supplier, vendor or others who were doing business with the Bank during the one-year period prior to the termination of Executive’s
employment, or any other person, to terminate, reduce, limit or change their business or relationship with the Bank; or 

  

	 	(iii)	Induce, request or attempt to influence any Executive of the Bank who was employed by the Bank during the two-year period prior to the termination of Executive’s
employment, to terminate his or her employment with the Bank. 

 (d) Remedies. Executive acknowledges and
agrees that his obligations under this Section 11 are of a special and unique nature and that a failure to perform any such obligation or a violation of any such obligation would cause irreparable harm to the Employers, the amount of which
cannot be accurately compensated for in damages by an action at law. In the event of a breach by the Executive of any of the provisions of this Section 11, the Bank shall be entitled to an injunction restraining the Executive from such breach.
Nothing in this Section shall be construed as prohibiting the Bank from pursuing any other remedies available for any breach of this Agreement. 
 (e) Enforceability. Notwithstanding the foregoing, in the event that any provision of this Section is found by a court of competent Jurisdiction to exceed the time, geographic or other restrictions
permitted by applicable law, then such court will have the power to reduce, limit or reform (but not to increase or make greater) such provision to make it enforceable to the maximum extent permitted by law, and such provision will then be
enforceable against the Executive in its reduced, limited or reformed manner. In addition, the parties agree that in the event that any of the provisions of this Section are determined to be invalid, illegal, or unenforceable they will be severable
in accordance with Section 20. 
 12. Required Regulatory Provisions. 

(a) If Executive is suspended from office and/or temporarily prohibited from participating in the conduct of the Bank’s affairs by a
notice served under Section 8(e)(3) (12 U.S.C. §1818(e)(3)) or 8(g)(1) (12 U.S.C. §1818(g)(1)) of the Federal Deposit Insurance Act, the Bank’s obligations under this Agreement shall be suspended as of the date of service, unless
stayed in appropriate proceedings. If the charges in the notice are dismissed, the Bank may in its discretion (i) pay Executive all or part of the compensation withheld while its contract obligations were suspended and (ii) reinstate (in
whole or in part) any of its obligations which were suspended. 
 (b) If Executive is removed and/or permanently prohibited from
participating in the conduct of the Bank’s affairs by an order issued under Section 8(e)(4) (12 U.S.C. §1818(e)(4)) or 8(g)(1) (12 U.S.C. §1818(g)(1)) of the Federal Deposit insurance Act, all obligations of the Bank under this
Agreement shall terminate as of the effective date of the order, but vested rights of the contracting parties shall not be affected. 
 (c) If the Bank is in default as defined in Section 3(x)(1) (12 U.S.C. §1818(x)(1)) of the Federal Deposit Insurance Act, all obligations of the Bank under this Agreement shall terminate as of
the date of default, but this paragraph shall not affect any vested rights of the contracting parties. 

  
 (d) All obligations
under this Agreement shall be terminated, except to the extent determined that continuation of the contract is necessary for the continued operation of the Bank, (i) by the Director of the OTS or his or her designee, at the time the FDIC enters
into an agreement to provide assistance to or on behalf of the Bank under the authority contained in Section 13(c) (12 U.S.C. §1823(c)) of the Federal Deposit Insurance Act; or (ii) by the Director or his or her designee at the time
the Director or his or her designee approves a supervisory merger to resolve problems related to operation of the Bank or when the Bank is determined by the Director to be in an unsafe or unsound condition. Any rights of the parties that have
already vested, however, shall not be affected by such action. 
 (e) Notwithstanding anything herein contained to the contrary,
any payments to Executive by the Bank, whether pursuant to this Agreement or otherwise, are subject to and conditioned upon their compliance with Section 18(k) of the Federal Deposit Insurance Act, 12 U.S.C. Section 1828(k), and the
regulations promulgated thereunder in 12 C.F.R. Part 359. 
 (f) Notwithstanding anything else in this Agreement,
Executive’s employment shall not be deemed to have been terminated unless and until the Executive has a Separation from Service within the meaning of Section 409A of the Code. For purposes of this Agreement, a “Separation from
Service” shall have occurred if the Bank and Executive reasonably anticipate that either no further services will be performed by the Executive after the date of the termination (whether as an employee or as an independent contractor) or the
level of further services performed will be less than 50% of the average level of bona fide services in the thirty-six (36) months immediately preceding the termination. For all purposes hereunder, the definition of Separation from Service
shall be interpreted consistent with Treasury Regulation Section 1.409A-1(h)(ii). If Executive is a “Specified Employee,” as defined in Code Section 409A and any payment to be made under this Agreement shall be determined to be
subject to Code Section 409A, then if required by Code Section 409A, such payment or a portion of such payment (to the minimum extent possible) shall be delayed and shall be paid on the first day of the seventh month following
Executive’s Separation from Service. 
 13. Survival of Certain Provisions. Upon any termination of the
Executive’s employment with the Bank or the termination of this Agreement, other than within 12 months following a Change in Control, the Executive and Bank hereby expressly agree that the provisions of Section 9 of this Agreement will
continue to be in full force and effect and binding upon the Executive in accordance with the provisions of Section 9. 

14. Additional Terms. Additional terms and conditions of Executive’s employment with the Employer may be agreed upon and must
be in writing and signed by Executive and the Chairperson of the Board; provided, however, that such additional terms and conditions as may be agreed to shall not modify the terms and conditions herein unless specifically referenced as a
modification of an existing term or condition. 
 15. Notices. Any notice given under this Agreement to either party
shall be made in writing. Any such notice shall be deemed to be given when mailed to any such party by registered or certified mail, postage prepaid, addressed to the respective addresses set forth below, or at such other addresses as such party may
designate (by written notice given to the other party) as their respective address for purposes of notice: 
  

			
	Executive:	 	At the Executive’s home address
		 	as maintained in the records of the Bank

  
 Employer: Chairman of
the Board 
 Wolverine Bank 
 5710 Eastman Avenue 
 Midland, Michigan 48640 

16. Waiver of Breach. The waiver by either party of a breach of any provision of this Agreement shall not operate or be construed
as a waiver of any subsequent breach. 
 17. Assignment. The rights and obligations of Employer under this Agreement
shall inure to the benefit of, and shall be binding upon, the successors and assigns of Employer, but Employer shall not assign this Agreement without Executive’s prior written consent, which consent shall not be unreasonably withheld. The
rights and obligations of Executive under this Agreement shall inure to the benefit only of the Executive and may not be assigned to any successors or assigns of the Executive. 

18. Headings. The headings of this Agreement are inserted for convenience only and are not to be considered in construction of the
provisions of it. 
 19. Interpretation/Governing Law/Venue. All questions of validity and interpretation of this
Agreement shall be governed by, and construed and enforced in all respects, in accordance with the laws of the State of Michigan. 
 Any and all actions concerning any dispute arising hereunder shall be filed and maintained in the Circuit court of Midland County, Michigan or the Federal District Court for the Eastern District of
Michigan. The parties specifically consent and admit to the jurisdiction and venue of such state or federal court. 
 20.
Severability. If a court of competent jurisdiction determines that any one or more of the provisions of this Agreement is invalid, illegal or unenforceable in any respect, such determination shall not affect the validity, legality or
enforceability of any other provision of this Agreement. 
 21. Entire Agreement; Modifications. This Agreement contains
the entire agreement of the parties and no previous representations, inducements, promises, or agreements, oral or otherwise, shall be of any force or effect, including the employment agreement entered into between the Bank and the Executive, dated
June 1, 2009. No change or modification of this Agreement shall be valid unless in writing and signed by the party against whom such change or modification is sought to be enforced; provided, however, that if the Company or Bank determines,
after a review of the regulations and guidance issued under The Patient Protection and Affordable Care Act, or similar laws, and all applicable IRS guidance, that this Agreement should be further amended to avoid triggering the tax penalties or
other restrictions imposed by the Insurance Restrictions, the Company and Bank may amend this Agreement to the extent necessary to avoid triggering the tax and interest penalties imposed by the Insurance Restrictions. 

  
 In Witness Whereof,
the parties have executed this Agreement as of the day and year written above. 
  

									
	WOLVERINE BANK, F.S.B.	 		 	EXECUTIVE
					
	By:	 	  
	 		 	By:	 	  

		 	Chairman of the Board of Directors	 		 		 	David H. Dunn
		 		 		 		 	President and Chief Executive Officer

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