Document:

EX-10.10

 Exhibit 10.10 
 NEWTEK BUSINESS SERVICES, INC. 
  

 
 Employment
Agreement with 
 Jennifer Eddelson 

 
  

PREAMBLE. This Agreement entered into this 1st day of June, 2012, by and between Newtek Business Services, Inc. (the “Company”) and JENNIFER EDDELSON (the
“Executive”), effective immediately. 
 WHEREAS, the Executive is to be employed by the Company as an executive
officer; and 
 WHEREAS, the parties desire by this writing to set forth the employment relationship of the Company and
the Executive. 
 NOW, THEREFORE, it is AGREED as follows: 

1. Defined Terms 
 When used anywhere in the Agreement, the following terms shall have the meaning set forth herein. 
 (a) “Board” shall mean the Board of Directors of the Company. 

(b) “Change in Control” shall mean any one of the following events: (i) the acquisition of ownership, holding or
power to vote 50% or more of the Company’s voting stock, or (ii) the acquisition of the ability to control the election of a majority of the Company’s directors. Notwithstanding the foregoing, a Change in Control as defined in this
Section 1(b) shall not be treated as a Change in Control for purposes of this Agreement unless it constitutes a “change in control event” within the meaning of Section 1.409A-3(i)(5) of the Treasury Regulations promulgated under
section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) (the “Treasury Regulations”) 

(c) “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, and as interpreted through
applicable rulings and regulations in effect from time to time. 
 (d) “Code §280G Maximum” shall mean the
product of 2.0 and the Executive’s “base amount” as defined in Code §280G(b)(3). 
 (e)
“Company” shall mean Newtek Business Services, Inc., and any successor to its interest. 
 (f) “Common
Stock” shall mean common shares of the Company. 

 (g) “Effective Date” shall mean the date of execution referenced in the
Preamble of this Agreement. 
 (h) “Executive” shall mean Jennifer Eddelson. 

(i) “Good Reason” shall mean any of the following events, which has not been consented to in advance by the Executive in
writing: (i) the requirement that the Executive move her personal residence, or perform her principal executive functions, more than fifty (50) miles from her primary office as of the Effective Date; (ii) a material reduction in the
Executive’s base compensation as the same may be increased from time to time; (iii) the failure by the Company to continue to provide the Executive with compensation and benefits provided for on the Effective Date, as the same may be
increased from time to time, or with benefits substantially similar to those provided to him under any of the Executive benefit plans in which the Executive now or hereafter becomes a participant, or the taking of any action by the Company which
would directly or indirectly reduce any of such benefits or deprive the Executive of any material fringe benefit enjoyed by him; (iv) the assignment to the Executive of duties and responsibilities that constitute a material diminution from
those associated with her position on the Effective Date; or (v) a material diminution or reduction in the Executive’s responsibilities or authority (including reporting responsibilities) in connection with her employment with the Company.

 (j) “Just Cause” shall mean the Executive’s willful misconduct, breach of fiduciary duty involving
personal profit, intentional failure to perform stated duties, conviction for a felony, or material breach of any provision of this Agreement. No act, or failure to act, on the Executive’s part shall be considered “willful” unless she
has acted, or failed to act, with an absence of good faith and without a reasonable belief that her action or failure to act was in the best interests of the Company. 
 (k) “Protected Period” shall mean the period that begins on the date six months before a Change in Control and ends on the earlier of six months following the Change in Control or the
expiration date of this Agreement. 
 (l) “Trigger Event” shall mean (i) the Executive’s voluntary
termination of employment within ninety (90) days of an event that both occurs during the Protected Period and constitutes Good Reason, or (ii) the termination by the Company or its successor(s) in interest, of the Executive’s
employment for any reason other than Just Cause during the Protected Period. 
 2. Employment. The Executive is employed
as Executive Vice President and Chief Accounting Officer of the Company. The Executive shall render such administrative and management services for the Company and its subsidiaries as are currently rendered and as are customarily performed by
persons situated in a similar executive capacity and consistent with the duties of an Executive Vice President as set forth in the bylaws of the Company. The Executive shall report to the Chief Executive Officer. The Executive shall also promote, by
entertainment or otherwise, as and to the extent permitted by law, the business of the Company and its subsidiaries. The Executive’s other duties shall be such as the Board may from time to time reasonably direct, including normal duties as an
officer of the Company. 

  
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 3. Base Compensation. The Company agrees to pay the Executive during the term of
this Agreement a salary at the rate of $ 240,000 per annum, payable in cash not less frequently than monthly. Additionally, the Board shall review, not less often than annually, the rate of the Executive’s salary and may decide to further
increase her salary. 
 4. Cash Bonuses; Incentive Compensation. 

(a) The Board shall determine the Executive’s right to receive incentive compensation in the form of cash bonuses and other awards.
No other compensation provided for in this Agreement shall be deemed a substitute for such incentive compensation. Cash bonuses shall be awarded pursuant to the terms of the Company’s Annual Cash Bonus Plan, if one has been adopted by the Board
and if not, then by action of the Board. 
 (b) Incentive bonus: in addition to all other compensation payable hereunder, the
Executive shall be entitled to participate in consideration for a cash bonus out of a pool to be established for this purpose by the Board. The amount of the Executive’s bonus participation shall be fixed by the Compensation Committee of the
Board if it finds the Executive’s performance to have been a major contributing factor to the success of the Company. 
 5.
Other Benefits. 
 (a) Participation in Retirement, Medical and Other Plans. The Executive shall participate in any
plan that the Company maintains for the benefit of its employees if the plan relates to (i) pension, profit-sharing, or other retirement benefits, (ii) medical insurance or the reimbursement of medical or dependent care expenses, or
(iii) other group benefits, including disability and life insurance plans. 
 (b) Executive Benefits; Expenses. The
Executive shall participate in any fringe benefits which are or may become available to the Company’s senior management Executives, including for example incentive compensation plans, club memberships, and any other benefits which are
commensurate with the responsibilities and functions to be performed by the Executive under this Agreement. The Executive shall be reimbursed for all reasonable out-of-pocket business expenses which she shall incur in connection with her services
under this Agreement upon substantiation of such expenses in accordance with the policies of the Company. 
 6. Term. The
Company hereby employs the Executive, and the Executive hereby accepts such employment under this Agreement, for the period commencing on the Effective Date and ending on May 31, 2013 or such earlier date as is determined in accordance with
Section 11 (the “Term”).” 
 7. Loyalty; Noncompetition. 

(a) During the period of her employment hereunder and except for illnesses, reasonable vacation periods, and reasonable leaves of absence,
the Executive shall devote substantially all her full business time, attention, skill, and efforts to the faithful performance of her duties hereunder; provided, however, from time to time, Executive may serve on the boards of directors of, and hold
any other offices or positions in, companies or organizations, at the 

  
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request of the Company or which will not present, in the opinion of the Board, any conflict of interest with the Company or any of its subsidiaries or affiliates, nor unfavorably affect the
performance of Executive’s duties pursuant to this Agreement, nor violate any applicable statute or regulation. “Full business time” is hereby defined as that amount of time usually devoted to like companies by similarly situated
executive officers. During the Term of her employment under this Agreement, the Executive shall not engage in any business or activity contrary to the business affairs or interests of the Company. 

(b) Nothing contained in this Paragraph 7 shall be deemed to prevent or limit the Executive’s right to invest in the capital stock
or other securities of any business dissimilar from that of the Company or, solely as a passive or minority investor, in any business. 
 8. Standards. The Executive shall perform her duties under this Agreement in accordance with such reasonable standards as the Board may establish from time to time. The Company will provide
Executive with the working facilities and staff customary for similar executives and necessary for him to perform her duties. 

9. Vacation and Sick Leave. At such reasonable times as the Board shall in its discretion permit, the Executive shall be entitled,
without loss of pay, to absent himself voluntarily from the performance of her employment under this Agreement, all such voluntary absences to count as vacation time; provided that: 

(a) The Executive shall be entitled to an annual vacation in accordance with the policies that the Board periodically establishes for
senior management Executives of the Company. 
 (b) The Executive shall not receive any additional compensation from the Company
on account of her failure to take a vacation, and the Executive shall not accumulate unused vacation from one fiscal year to the next, except in either case to the extent authorized by the Board. 

(c) In addition to the aforesaid paid vacations, the Executive shall be entitled without loss of pay, to absent himself voluntarily from
the performance of her employment with the Company for such additional periods of time and for such valid and legitimate reasons as the Board may in its discretion determine. Further, the Board may grant to the Executive a leave or leaves of
absence, with or without pay, at such time or times and upon such terms and conditions as such Board in its discretion may determine. 
 (d) In addition, the Executive shall be entitled to an annual sick leave benefit as established by the Board. 
 10. Indemnification. The Company shall indemnify and hold harmless Executive from any and all loss, expense, or liability that she may incur due to her services for the Company as an officer and or
a director (including any liability she may ever incur under Code § 4999, or a successor, as the result of severance benefits she collects pursuant to Sections 11 or 13), during the full Term of this Agreement and shall at all times
maintain adequate insurance for such purposes. 

  
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 11. Termination and Termination Pay. Subject to Section 13 hereof, the
Executive’s employment hereunder may be terminated under the following circumstances: 
 (a) Just Cause. The Board
may, based on a good faith determination and only after giving the Executive written notice and a reasonable opportunity to cure, immediately terminate the Executive’s employment at any time, for Just Cause. The Executive shall have no right to
receive compensation or other benefits for any period after termination for Just Cause. 
 (b) Without Just Cause. The
Board may, by written notice to the Executive, immediately terminate her employment for a reason other than Just Cause. In such event, the Executive shall be entitled to a total severance payment (the “Severance Payment”) equal to one
(1) times the sum of (i) Executive’s base salary in effect at the time of termination, plus (ii) the amount of all compensation paid to Executive under Section 4 hereof with respect to the immediately preceding fiscal year.
The Severance Payment shall be paid in equal installments over a twelve (12) month period following the Executive’s termination of employment, payable in accordance with the Company’s regularly scheduled payroll (the “Installment
Payments”). Each Installment Payment shall be treated as a separate payment for purposes of Treasury Regulations Section 1.409A-2(b)(2)(iii). 
 (c) Resignation by Executive with Good Reason. The Executive may at any time immediately terminate employment for Good Reason, in which case the Executive shall be entitled to receive the Severance
Payment payable in the same manner and on the same basis as provided for under Section 11(b) of the Agreement upon a termination without Just Cause. In addition, the Executive will be entitled to health, life, disability and other benefits
which the Executive would have been eligible to participate in through the expiration of the Term based on the benefit levels substantially equal to those that the Company provided for the Executive at the date of termination of employment, subject
to any restrictions as may be required under Code Section 409A 
 (d) Resignation by Executive without Good Reason.
The Executive may voluntarily terminate employment with the Company during the term of this Agreement, upon at least 60 days’ prior written notice to the Board of Directors, in which case the Executive shall receive only her compensation,
vested rights, and Executive benefits up to the date of her termination of employment. 
 (e) Retirement, Death, or
Disability. If the Executive’s employment terminates during the Term of this Agreement due to her death, a disability that results in her collection of any long-term disability benefits, or retirement at or after age 62, the Executive (or
the beneficiaries of her estate) shall be entitled to receive the compensation and benefits that the Executive would otherwise have become entitled to receive pursuant to subsection (d) hereof upon a resignation without Good Reason. 

12. No Mitigation. The Executive shall not be required to mitigate the amount of any payment provided for in this Agreement by
seeking other employment or otherwise, and no such payment shall be offset or reduced by the amount of any compensation or benefits provided to the Executive in any subsequent employment. 

  
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 13. Change in Control. Notwithstanding any provision herein to the contrary, if a
Trigger Event occurs during the Protected Period, the Executive shall be paid an amount equal to the “Code § 280G Maximum. If the Trigger Event occurs during the portion of the Protected Period that is prior to the date of the Change
in Control, the Code § 280G Maximum shall be payable in the same manner and on the same basis as provided for under Section 11(b) of the Agreement upon a termination without Just Cause. If the Trigger Event occurs during the portion of the
Protected Period that is on or after the date of the Change in Control, the Code § 280G Maximum shall be paid in a lump sum within ten (10) days of her termination of employment. 

14. Covenants. 
 (a) Definitions. For purposes of this Agreement: 
 (i) Restrictive
Period. The term “Restrictive Period” shall mean the period beginning on the Effective Date and ending two (2) years after the termination of the Executive’s employment hereunder. 

(ii) Covered Customer. The term “Covered Customer” shall mean (A) during the Term, any customer of the Company and
(B) after the Term, any person or entity who was, as of the end of the Term, a customer of the Company. 
 (iii)
Covered Business. The term “Covered Business” shall mean (A) during the term, any business in which the Company is engaged and (B) after the Term, any business in which the Company was engaged as of the end of the Term.

 (iv) Covered State. The term “Covered State” shall mean (A) during the Term, any state in the United
States and (B) after the Term, any state (1) in which, as of the end of the Term, the Company was engaged in business or (2) with respect to which the Company, as of the end of the Term, had expended material expense and/or efforts in
connection with preparing to do business therein. 
 (b) Non-Interference. The Executive covenants and agrees that she
will not at any time during the Restrictive Period for whatever reason, whether for her own account or for the account of any other person, firm, corporation or other business organization: (i) interfere with contractual relationships between
the Company and any of its customers or employees; (ii) hire, or solicit for hire, any person who is employed by the Company or any parent or subsidiary of the Company, without the express written consent of the Company; or (iii) other
than on behalf of the Company, solicit any Covered Customer of the Company in connection with the engagement, by any person or entity, in any Covered Business in any Covered State. 

(c) Confidentiality. The Executive will not, at any time whether during or after her termination of employment, (i) disclose
to anyone, without proper authorization from the Company, or (ii) use, for her or another’s benefit, any confidential or proprietary information of the Company or any parent or subsidiary of the Company, which may include trade secrets,
business plans or outlooks, financial data, marketing or sales programs, customer lists, brand formulations, training and operations manuals, products or price strategies, mergers, acquisitions, and/or Company personnel issues. 

  
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 (d) Blue Pencil; Equitable Relief. The provisions contained in this Section 14
as to the time periods, scope of activities, persons or entities affected and territories restricted shall be deemed divisible so that if any provision contained in this Section is determined to be invalid or unenforceable, such provision shall be
deemed modified so as to be valid and enforceable to the full extent lawfully permitted. The Executive acknowledges that the provisions of this Section 14 are reasonable and necessary for the protection of the Company and that the Company will
be irrevocably damaged if such covenants are not specifically enforced. Accordingly, the Executive agrees that if she breaches or threatens to breach any of the covenants contained in this Section 14, the Company will be entitled (i) to
damages sufficient to compensate the Company for any harm to the Company caused thereby and (ii) to specific performance and injunctive relief for the purpose of preventing the breach or threatened breach thereof without bond or other security
or a showing that monetary damages will not provide an adequate remedy, in addition to any other relief to which the Company may be entitled under this Agreement.” 
 15. Reimbursement for Litigation Expenses. 
 In the event that any dispute
arises between the Executive and the Company as to the terms or interpretation of this Agreement, whether instituted by formal legal proceedings or otherwise, including any action that the Executive takes to enforce the terms of this Agreement or to
defend against any action taken by the Company, the Executive shall be reimbursed for all costs and expenses, including reasonable attorneys’ fees, arising from such dispute, proceedings or actions, provided that the Executive shall obtain a
final judgement by a court of competent jurisdiction in favor of the Executive. Such reimbursement shall be paid within ten (10) days of Executive’s furnishing to the Company written evidence, which may be in the form, among other things,
of a cancelled check or receipt, of any costs or expenses incurred by the Executive. 
 16. Successors and Assigns.

 (a) This Agreement shall inure to the benefit of and be binding upon any corporate or other successor of the Company which
shall acquire, directly or indirectly, by merger, consolidation, purchase or otherwise, all or substantially all of the assets or stock of the Company. 
 (b) Since the Company is contracting for the unique and personal skills of the Executive, the Executive shall be precluded from assigning or delegating her rights or duties hereunder without first
obtaining the written consent of the Company. 
 17. Corporate Authority. Company represents and warrants that the
execution and delivery of this Agreement by it has been duly and properly authorized by the Board and that when so executed and delivered this Agreement shall constitute the lawful and binding obligation of the Company. 

18. Amendments. No amendments or additions to this Agreement shall be binding unless made in writing and signed by all of the
parties, except as herein otherwise specifically provided. 

  
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 19. Applicable Law. Except to the extent preempted by Federal law, the laws of the
State of New York shall govern this Agreement in all respects, whether as to its validity, construction, capacity, performance or otherwise. 
 20. Severability. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other
provisions hereof. 
 21. Entire Agreement. This Agreement, together with any understanding or modifications thereof as
agreed to in writing by the parties, shall constitute the entire agreement between the parties hereto with respect to the matters addressed and shall supercede all previous agreements with respect to such matters. 

22. Tax Matters. All payments or benefits provided under this Agreement are subject to any applicable employment or tax
withholdings or deductions. In addition, the parties hereby agree that it is their intention that all payments or benefits provided under this Agreement be exempt from, or if not so exempt, comply with, Code Section 409A and this Agreement
shall be interpreted accordingly. Notwithstanding anything in this Agreement to the contrary, if any payments or benefits made or provided under the Agreement are considered deferred compensation subject to Code Section 409A payable on account
of Employee’s separation from service (but that do not meet an exemption under Code Section 409A, including without limitation the short term deferral or the separation pay plan exemption), such payments or benefits shall be paid no
earlier than the date that is six (6) months following Employee’s separation from service (or, if earlier, the date of death) to the extent required by Code Section 409A. 

[signatures on following page] 

  
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 IN WITNESS WHEREOF, the parties have executed this Agreement on the day and year first hereinabove written.

  

							
	Witnessed by:	 		 	NEWTEK BUSINESS SERVICES, INC.
				
	 /s/ H. Razon
	 		 	By:	 	 /s/ Barry Sloane

		 		 	Its	 	Chief Executive Officer
				
	Witnessed by:	 		 		 	
				
	 /s/ H. Razon
	 		 		 	 /s/ Jennifer Eddelson

		 		 		 	Jennifer Eddelson

  
 9EX-10.68

 Exhibit 10.68 
 LONG-TERM INCENTIVE AWARD AGREEMENT 
 (Restricted Stock) 

THIS LONG-TERM INCENTIVE RESTRICTED STOCK AGREEMENT (the “Award Agreement”) is made the 30th day of April, 2012 (the
“Grant Date”), by and between Citizens Republic Bancorp, Inc. (the “Company”) and the undersigned (the “Grantee”), pursuant to the Citizens Republic Bancorp, Inc. Stock Compensation Plan (the “Plan”).
Capitalized terms not defined in this Award Agreement shall have the meanings respectively ascribed to them in the Plan. 

WHEREAS, the Company desires to encourage Grantee to excel on behalf of the Company and its Affiliates to achieve the
Company’s long-term business plans and objectives and to further identify the interests of Grantee with the interests of the Company’s shareholders; 
 WHEREAS, the Company desires to grant this long-term restricted stock Award to Grantee pursuant to the Plan; and 
 WHEREAS, prior to the Grant Date, the Company received funding under the U. S. Treasury’s Capital Purchase Program and became subject to the Troubled Asset Relief Program (“TARP”)
and certain compensation restrictions under the Emergency Economic Stabilization Act of 2008, as amended by the American Recovery and Reinvestment Act of 2009, and rules, regulations, programs and interpretations promulgated thereunder, including
the TARP Standards for Compensation and Corporate Governance, Interim Final Rule, as it may be amended from time to time. A limited number of Executives who have been granted restricted shares are covered by such compensation restrictions and to the
extent that Grantee is now or may in the future be covered this Award will be subject to such restrictions but otherwise such restrictions shall have no effect on Grantee; 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, it is agreed between the parties as follows: 

1. Grant of Restricted Stock Award. Subject to the terms and conditions hereof, including without limitation the
restrictions set forth in this Agreement, the Company hereby grants to Grantee a total of shares of the Company’s Common Stock, 40% of
                     which shall be performance-based (“Performance-Based”) and 60% of which shall be time-based
(“Time-Based”), subject to the restrictions described below. 
 2. Time-Based Shares Subject to Award.
The Time-Based portion of the Award (                     shares) shall 100% vest on the third anniversary of the Grant Date if Grantee has
been continuously employed with the Company or an Affiliate between the Grant Date and the third anniversary of the Grant Date. Provided; however, that the shares shall not be transferred, pledged, assigned, or otherwise alienated or hypothecated
until the later of the vesting date and the date(s) on which the shares are no longer subject to the TARP limitations in Section 4 below, at which time the restrictions on the Time-Based portion of the Award shall lapse, and the associated
number of shares shall be freely transferable, which may occur in installments, if so required by Section 4. 
 3.
Performance-Based Shares Subject to Award. The Performance-Based portion of the Award (             shares) is subject to the Company’s attainment of the board of
director approved Pre-Tax Income target for fiscal years 2012 and 2013 combined (the “Pre-Tax Income Target”). Pre-Tax Income is determined by subtracting provision expense and noninterest expense from net interest income and then adding
noninterest income. The payout threshold begins upon the Company’s attainment of 90% of the Pre-Tax Income Target. The maximum payout will be capped if the Company’s performance is equal to our greater than 140% of the Pre-Tax Income
Target. The grants will be paid on a pro-rata basis if the Pre-Tax Income Target is between the threshold and the maximum as set forth below. 

																					
	 	  	 	 	 	Threshold	 	 	 	 	 	Maximum	 	 	 	 
	 Performance as a % of Pre-Tax Income
	  	 	<90	% 	 	 	90	% 	 	 	100	% 	 	 	140	% 	 	 	>140	% 
	 Payout as a % of Performance-Based portion of the Award
	  	 	0	  	 	 	75	% 	 	 	100	% 	 	 	175	% 	 	 	175	% 

 If the Company does not attain 90% of the Pre-Tax Income Target, then the restricted shares shall be
forfeited as of the last day of the Company’s 2013 fiscal year. If the Company attains at least 90% of the Pre-Tax Income Target, then the restricted shares shall fully vest on the second anniversary of the Grant Date so long as the Grantee has
been continuously employed with the Company or an Affiliate between the Grant Date and the second anniversary of the Grant Date. Provided; however, that the Performance-Based shares shall not be transferred, pledged, assigned or otherwise alienated
or hypothecated until the later of the vesting date and the date(s) on which the restricted shares are no longer subject to the TARP limitations set forth in Section 4 below, at which time the restrictions on the Performance-Based shares shall
lapse, and the associated number of shares shall be freely transferable, which may occur in installments, if so required by Section 4. 
 4. Additional TARP Restrictions. 
 Notwithstanding the vesting terms
described above (or in any other employment or severance agreement), the restricted shares subject to the Award shall not become freely transferable earlier than the following schedule (except as necessary to reflect a merger or acquisition of the
Company): 
 (a) 25% of the restricted shares subject to the Award at the time the Company repays 25% of the aggregate financial
assistance received by the Company under TARP; 
 (b) An additional 25% of the restricted shares subject to the Award at the
time the Company repays 50% of the aggregate financial assistance received by the Company under TARP; 
 (c) An additional 25%
of the restricted shares subject to the Award at the time the Company repays 75% of the aggregate financial assistance received by the Company under TARP; and 
 (d) An additional 25% of the restricted shares at the time the Company repays 100% of the aggregate financial assistance received by the Company under TARP. 

5. Lapse of Restricted Period. 

(a) Subject to compliance with Sections 6 and 7, restrictions on shares subject to the Award shall be deemed to lapse
at the close of business on the later of the vesting date and the date on which the restricted shares are no longer subject to the TARP limitations set forth in Section 4. Notwithstanding the foregoing, in the event of Grantee’s
(i) death, (ii) Disability, or (iii) termination of employment that would entitle Grantee to severance payments pursuant to the provisions of the Company’s Severance Pay Plan, as in effect from time to time (the “Severance
Pay Plan”), the outstanding Time-Based restricted shares, and the Performance-Based restricted shares that have satisfied the Company’s performance targets but are not vested, shall vest based on the number of months that have lapsed in
the vesting period. In the event that Grantee retires, then the outstanding Time-Based restricted shares shall be forfeited, and the outstanding Performance-Based restricted shares that have satisfied the Company’s performance targets shall
vest based on the number of months that have lapsed in the vesting period. For purposes of this Agreement, notwithstanding the definition in the Plan document, “retirement” shall mean Grantee’s cessation of employment for reasons
other than Cause following the later of Grantee’s
55th birthday and completion of five years of employment
with the Company or an Affiliate. All outstanding restricted shares shall 100% vest in the event of a Change in Control. Upon the later of the vesting date and the date(s) on which such restricted shares are no longer subject to the TARP limitations
in Section 4, the associated number of shares shall be freely transferable. If Grantee’s employment with the Company or its Affiliates terminates prior to full vesting other than under the circumstances described in this Section 5,
any portion of the Award that has not vested at the time of such termination shall be forfeited. 

 (b) Until the lapse of all applicable restrictions described in Sections 2 through 5 on
shares subject to this Award, any certificate evidencing the shares subject to the Award shall carry the following restrictive legend: 
 The sale or other transfer of the shares of stock represented by this certificate, whether voluntary, involuntary or by operation of law, is subject to certain restrictions on transfer set forth in the
Citizens Republic Bancorp Stock Compensation Plan (the “Plan”), rules and administrative guidelines adopted pursuant to such Plan and an Agreement dated April 30, 2012. A copy of the Plan, such rules and such Agreement may be obtained
from the Secretary of Citizens Republic Bancorp, Inc. 
 (c) The Company reserves the right to place stop transfer instructions
on shares which are subject to the restrictions described in Sections 2, 3 and 4 of this Agreement. Grantee shall be entitled to removal of such legend and stop transfer instructions at the time or times provided by, and in accordance with,
Section 10.3 of the Plan. 
 6. Restrictive Covenants. 

As consideration for the grant of this Award, Grantee agrees to comply with and be bound by the following restrictive covenants:

 (a) Non-Disclosure of Confidential Information. All “Confidential Information” concerning Company and its
customers shall be kept strictly confidential and shall not be disclosed by Grantee to any third parties or used by Grantee in a manner contrary to Company’s interests at any time without the prior consent of Company, except as required by law.
“Confidential Information” includes customer and client lists and all customer, technical, business, marketing, financial, systems and personnel information from whatever source, the disclosure of which might be contrary to the interests
of Company, excluding information which is or becomes publicly available other than by Grantee’s acts or omissions. All Confidential Information and all other property of Company will be returned to Company on or before the date Grantee’s
active status terminates, and Grantee will not retain any copies in any form. 
 (b) Non-Solicitation of Employees and
Customers. During Grantee’s employment and for a period of one year following Grantee’s termination of employment for any reason, including retirement, Grantee shall not, without the prior written consent of Company: 

(i) on his/her own behalf or on behalf of any third party, whether directly or indirectly, hire or employ, attempt to hire or employ, or
solicit, encourage or induce to leave employment with Company or to accept employment elsewhere than Company, any person who was employed by Company at any time during the 18-month period beginning six months prior to the termination of
Grantee’s employment and ending one year after such termination. 
 (ii) on his/her own behalf or on behalf of any third
party, whether directly or indirectly, provide, sell, market or endeavor to provide, sell or market any Competing Services to any Restricted Customers (as such terms are defined below), or otherwise solicit or communicate with any Restricted
Customers for the purpose of selling or providing any Competing Services. “Competing Services” means any products or services that are similar to or competitive with the products and services sold or offered by Company. “Restricted
Customers” means any of Company’s current, former, or prospective customers to whom Grantee provided services, with whom Grantee had business contact on behalf of Company, with respect to whom Grantee has confidential information, or with
whom Grantee had any responsibilities during the last two years of Grantee’s employment with Company. 
 (c)
Non-disparagement. During Grantee’s employment and following Grantee’s termination of employment for any reason, including retirement, Grantee shall not publicly or privately make disparaging comments with respect to Company or
it’s management in general and specifically with respect to any of Company’s personnel, operations, products, policies or practices. 
 (d) Non-Competition. During Grantee’s employment and for a period of one year following Grantee’s termination of employment for any reason, including retirement, Grantee shall not,
without the prior written consent of Company, become employed by (including self-employment) or otherwise provide services to or on behalf of any person or entity whose business competes with Company where both: 

 (i) Grantee will be called to perform the same or substantially similar functions to those
which Grantee performed while employed by Company during the one-year period prior to the termination of Grantee’s employment, and 
 (ii) Grantee will, by virtue of the new business relationship, be acting in a manner which is or may reasonably be expected to be prejudicial to or in conflict with the interests of Company, as determined
in the reasonable discretion of the Chief Executive Officer of Company or the Chief Executive Officer’s designee. 
 The restrictions set
forth in this paragraph 6(d) shall not apply following a termination of Grantee’s employment that would entitle Grantee to severance payments pursuant to the provisions of the Company’s Severance Pay Plan. 

(e) Subsequent Assistance. Following Grantee’s termination of employment for any reason, (other than death and in certain
instances, Disability) Grantee shall furnish such reasonable subsequent assistance requested by Company that is deemed material to the transition of responsibilities from Grantee to his or her successor. 

(f) Reformation. If any portion of these restrictive covenants is found to be unenforceable, any court of competent jurisdiction
may reform the restrictions as to time, geographical area or scope to the extent required to make the provision enforceable under applicable law. 
 (g) Disclosure of Information. Grantee hereby agrees that he/she shall provide Company with any information reasonably requested to determine compliance with these restrictive covenants and
authorizes Company to disclose the covenants and the remedies for their violation to any third party who might be affected thereby, including Grantee’s prospective employer. 

(h) Cancellation and Other Remedies. If Grantee violates the restrictive covenants described in Sections 6(a) through 6(e) above:

 (i) all shares subject to this long-term restricted stock Award that are subject to restriction shall be forfeited
immediately, 
 (ii) all shares that were covered by this grant and that became free of restrictions within the period beginning
one year prior to the termination of Grantee’s employment, net of any taxes withheld (whether withheld in cash or shares), shall be canceled immediately for no consideration, and 

(iii) Grantee shall be required to reimburse Company in an amount equal to any gain realized by Grantee (determined as of the sale date)
with respect to the sale of any shares originally covered by this long-term restricted stock Award within the period beginning one year prior to the termination of Grantee’s employment and ending six (6) months after the termination of
Grantee’s employment, net of any taxes withheld (whether withheld in cash or shares). 
 Grantee acknowledges that a
violation or attempted violation on his or her part of the restrictive covenants set forth in Sections 6(a) relating to disclosure of Confidential Information, 6(b) relating to solicitation of Company’s employees and customers and 6(c) relating
to the making of disparaging comments concerning Company shall cause immediate and irreparable damage to Company, and therefore agrees that Company shall be entitled as a matter of right to an injunction from any court of competent jurisdiction
restraining any violation or further violation of such terms, such right to an injunction, however, shall be cumulative and in addition to whatever other remedies Company may have under law or equity. With respect to any violation of the restrictive
covenants set forth in Sections 6(d) relating to noncompetition and 6(e) relating to subsequent assistance, the right to injunctive relief shall not apply and only the remedies set forth in sub-sections 6(h)(i), (ii) and (iii) shall be
available to Company. In any action or proceeding by Company to enforce these restrictive covenants where Company is the prevailing party, Company shall be entitled to recover from Grantee its reasonable attorneys’ fees and expenses incurred in
such action or proceeding. 
 7. Clawback. Grantee acknowledges that this Award is subject to all applicable
clawback policies of the Company, including but not limited to recovery or “clawback” by the Company if the lapse of restrictions on shares subject to the Award is or was based on materially inaccurate financial statements or violates TARP
or the rules, regulations and/or government guidance issued thereunder. Grantee acknowledges that this Award Agreement may be amended as necessary to comply with the requirements and/or limitations under TARP or any other federal requirements, which
could include revocation of all or a portion of the Award. 

 8. Code Section 409A. It is intended that this Award Agreement and shares
granted pursuant to the Award shall be exempt from or in compliance with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). If shares subject to the Award become subject to taxation under Code
Section 409A, Grantee agrees that the Company, without the consent of Grantee, may modify this Award Agreement to the extent and in a manner that the Company deems necessary or advisable or shall take such other action or actions, including an
amendment or action with retroactive effect, which the Company deems appropriate to keep the Award from being subject to Code Section 409A or to amend the Award to comply with Code Section 409A. 

9. Non-Assignability of Award. The Award hereby granted shall not be transferable. No purported assignment or transfer of
this Award, or of the rights represented thereby, whether voluntary or involuntary, by operation of law or otherwise, shall vest in the purported assignee or transferee any interest or right whatsoever. For the avoidance of doubt, the parties
acknowledge that this Section 9 applies to the Award itself, not to the shares subject to the Award, and that the transferability of the shares subject to the Award shall be governed by Sections 2 through 7 of this Agreement. 

10. Adjustments. In the event of any stock dividend, reclassification, subdivision or combination, or similar transaction
affecting the shares covered by this Award, the rights of Grantee are subject to adjustment as provided in Section 9.1 of the Plan to the extent deemed necessary by the Committee. 

11. Rights as Shareholder. During the Restricted Period, Grantee shall be considered the record owner of the shares subject
to this long-term restricted stock Award and shall have all the rights of a shareholder (including voting and dividend rights) with respect to the shares subject to the Award commencing on the Grant Date. Notwithstanding the foregoing, if any
dividends or distributions are paid in shares of Common Stock during the Restricted Period, the dividend or other distribution in shares shall be subject to the same restrictions on transferability as the shares of restricted stock with respect to
which they were paid. 
 12. Withholding. No later than the date as of which an amount first becomes includible in
the gross income of Grantee for federal income tax purposes with respect to any shares subject to this Award, Grantee shall pay to the Company, or make arrangements satisfactory to the Company regarding the payment of, all federal, state and local
income and employment taxes that are required by applicable laws and regulations to be withheld with respect to such amount. Grantee authorizes the Company to withhold from his or her compensation, including withholding from Grantee’s shares
subject to the Award, to satisfy any income and employment tax withholding obligations in connection with the Award. If Grantee is no longer employed by the Company at the time any applicable taxes are due and must be remitted by the Company,
Grantee agrees to pay applicable taxes to the Company, and the Company may delay removal of the restrictive legend until proper payment of such taxes has been made by Grantee. Grantee may satisfy such obligations under this Section 12 by any
method authorized under Section 10.5 of the Plan. 
 13. Notices. Every notice relating to this Award
Agreement shall be in writing and if given by mail shall be given by registered or certified mail with return receipt requested. All notices to the Company shall be delivered to the Secretary of the Company at the Company’s headquarters. All
notices by the Company to Grantee shall be delivered to Grantee personally or addressed to Grantee at Grantee’s last residence address as then contained in the records of the Company or such other address as Grantee may designate. Either party
by notice to the other may designate a different address to which notices shall be addressed. Any notice given by the Company to Grantee at Grantee’s last designated address shall be effective to bind any other person who shall acquire rights
hereunder. 
 14. Governing Law. This Award Agreement (a) shall be governed by and construed in accordance
with the laws of the State of Michigan without giving effect to conflict of laws, and (b) is not valid unless it has been signed by Grantee and the Company. 
 15. Provisions of Plan Controlling. Except as provided in Sections 2, 4, 5, 6 and 7 of this Agreement, the provisions hereof are subject to the terms and provisions of the Plan. In the event
of any conflict between the provisions of this Agreement and the provisions of the Plan, the provisions of the Plan shall control except with regard to Sections 2, 4, 5, 6 and 7. 

16. Acceptance of Agreement. This Agreement must be accepted by Grantee on the AST Equity Plans Solution web site no
later than the close of business on May 14, 2012. In the event that this Award Agreement is not accepted by Grantee pursuant to the procedures set forth on the AST web site, the Common Stock granted hereunder shall be canceled
immediately and Grantee shall forfeit all rights hereunder. 

 IN WITNESS WHEREOF, the parties hereto have executed this Award Agreement as of the
day and year first above written. 
  

									
	GRANTEE	 		 	CITIZENS REPUBLIC BANCORP, INC.
				
	 	 		 	By:

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