Document:

exv4w17

 

Exhibit 4.17

(Form 10-K)

AMENDMENT NO. 1 TO RIGHTS AGREEMENT

          AMENDMENT (the “Amendment”), dated as of December 19, 2007, to the Rights Agreement,
dated as of May 23, 2000 (the “Rights Agreement”), between Citizens Republic Bancorp, Inc.
(f/k/a Citizens Banking Corporation), a Michigan corporation (the “Company”), and Citizens
Bank Wealth Management, N.A., a national banking association (as successor to the Trust Division of
Citizens Bank), as rights agent (the “Rights Agent”).

RECITALS

          WHEREAS, pursuant to Section 23 of the Rights Agreement, the Company and the Rights Agent may
from time to time supplement and amend the Rights Agreement.

          WHEREAS, the Board of Directors of the Company has determined that it is in the best interests
of the Company and its shareholders to amend the Rights Agreement to change the final expiration
date of the Rights Agreement from May 23, 2010 to December 31, 2007.

          NOW, THEREFORE, in consideration of the premises and the mutual agreements herein set forth,
the parties hereby agree as follows:

	 	1.	 	The Rights Agreement is hereby modified and amended, effective
as of the date hereof, by changing the date set forth in Section 1 in the
definition of the term “Final Expiration Date” from “the Close of Business on
May 23, 2010” to “the Close of Business on December 31, 2007.”
	 
	 	2.	 	The remainder of the Rights Agreement and all of the Exhibits
to the Rights Agreement shall be restated to reflect this Amendment, including
all necessary conforming changes.
	 
	 	3.	 	Except as expressly set forth herein, the Rights Agreement
shall remain in full force and otherwise shall be unaffected by this Amendment.
	 
	 	4.	 	This Amendment may be executed in multiple counterparts and
each of such counterparts shall for all purposes be deemed to be an original,
and all such counterparts shall together constitute one and the same
instrument.

          [remainder of page intentionally left blank]

 

 

          IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of
the day and year first above written.

	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	CITIZENS REPUBLIC BANCORP, INC.
	 	 
	Attest:	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	 	 	 	 	By:	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 

	 	Name: Thomas W. Gallagher
	 	 	 	 	 	Name: William R. Hartman	 	 
	 

	 	Title: General Counsel
	 	 	 	 	 	Title: President & Chief Executive Officer	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	CITIZENS BANK WEALTH MANAGEMENT, N.A.	 	 
	 

	 	 	 	 	 	 	 	(As successor to the Trust Division of Citizens	 	 
	 

	 	 	 	 	 	 	 	Bank)	 	 
	Attest:	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	 	 	 	 	By:	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 

	 	Name: D. Shawn Jordan
	 	 	 	 	 	Name: Peter W. Ronan	 	 
	 

	 	Title: Senior Vice President
	 	 	 	 	 	Title: President & Chief Executive Officer	 	 

[Signature page to Amendment No. 1 to Rights Agreement]exv10w41

 

Exhibit 10.41*

(Form 10-K)

AMENDED AND RESTATED CHANGE IN CONTROL AGREEMENT

     This Amended and Restated Change in Control Agreement (“Agreement”) is made by and between
Citizens Republic Bancorp, Inc., a Michigan corporation (“Corporation”), and
[                              ] (“Executive”).

     The Executive and the Corporation are parties to that certain Change of Control Agreement,
dated as of [                    ](the “Original Agreement”). The Corporation now desires to
make certain amendments to the Original Agreement as deemed advisable to prevent an inclusion of
income or imposition of penalties under Section 409A of the Internal Revenue Code of 1986, as
amended (the “Code”) or as deemed advisable to facilitate compliance with Code Section 409A.

     The Corporation anticipates the valuable services that the Executive will render on behalf of
the Corporation and its subsidiary banks and is desirous of having some assurance that the
Executive will continue as an employee and that, in the event of a possible Change in Control of
the Corporation, the Executive will be able to perform the Executive’s duties without undue concern
for the Executive’s personal financial well-being; and

     The Executive is willing to serve as an employee of the Corporation but desires assurance that
in the event of a Change in Control of the Corporation, the Executive will continue to have the
responsibility and status the Executive has earned.

     Accordingly, the Corporation and the Executive agree as follows:

     1. In order to protect the Executive against the possible consequences of a Change in Control
of the Corporation, as defined in paragraph 2 of this Agreement, and thereby to induce the
Executive to serve as an officer of the Corporation or a subsidiary bank the Corporation agrees
that if (a) there is such a Change in Control of the Corporation and (b) the Executive experiences
a “separation from service” from the Corporation or a subsidiary thereof within the meaning of Code
Section 409A (a “Separation from Service”) under the circumstances described in paragraph 3 of this
Agreement, then:

     A. The Corporation shall pay the Executive a lump sum amount in cash equal to the sum of (i)
three times the Executive’s annual base salary immediately prior to the Change in Control (or if
higher, the annual base salary on the date the Executive’s employment is terminated) and (ii) three
times the greater of (x) the anticipated bonus amount under the Citizens Banking Corporation
Management Incentive Plan to be earned in accordance with the plan in the year in which the
Separation from Service occurs or (y) the highest bonus paid to the Executive in the last three
full calendar years of such employment (such amount, the “Severance Payment”). The Severance
Payment shall be payable within 60 days following the date of the Executive’s Separation from
Service, provided that, except as provided with respect to an Anticipatory Termination (as defined
in paragraph 3 below), in the event that the Executive is a “specified employee” within the meaning
of Code Section 409A (with such classification to be determined in accordance with the methodology
established by the applicable employer) (a “Specified Employee”) as of the date of the Executive’s
Separation from Service, the Severance Payment shall instead be paid, with interest on any delayed
payment at the applicable federal rate provided for in Code Section 7872(f)(2)(A) (“Interest”), on
the first business day after the date that is six months following the Executive’s Separation from
Service (the “409A Payment Date”). Notwithstanding the foregoing, in the event of an Anticipatory
Termination, the Severance Payment shall be paid as follows: (i) if such Change in Control is a
“change in control event” within the meaning of Code
Section 409A, (A) except

 

 

as provided in clause
(i)(B), on the date of such Change in Control, or (B) if the Executive is a Specified Employee as
of the date of the Executive’s Separation from Service, on the 409A Payment Date, and (ii) if such
Change in Control is not a “change in control event” within the meaning of Code Section 409A, (A)
except as provided in clause (ii)(B), on the first business day following the three-month
anniversary of the date of such Anticipatory Termination, or (B) if the Executive is a Specified
Employee as of the date of the Executive’s Separation from Service, on the 409A Payment Date.
Interest with respect to the period, if any, from the date of the Change in Control until the
actual date of payment shall be paid on the Severance Payment made in connection with an
Anticipatory Termination.

     B. The Executive shall continue to be covered, at the Corporation’s cost, by the medical,
dental and life insurance benefit plans that are in effect on the date of the Executive’s
Separation from
Service and that cover executive employees, for a period of thirty-six (36) months (the
“Benefit Continuation Period”) after the Executive’s Separation from Service; provided, however,
that such medical and dental benefits provided during the Benefit Continuation Period shall be
provided in such a manner that such benefits (and the costs and premiums thereof) are excluded from
the Executive’s income for federal income tax purposes and, if the Corporation reasonably
determines that providing continued coverage under one or more of its health care benefit plans
contemplated herein could be taxable to the Executive, the Corporation shall provide such benefits
at the level required hereby through the purchase of individual insurance coverage; provided,
however, that if during such time period the Executive should enter into other employment providing
comparable benefits, the Executive’s participation in such plans of the Corporation shall cease to
the extent of the Executive’s coverage by the Executive’s new employer’s plans. Any such non-cash
benefit that is tied to compensation shall be based on the Executive’s annual compensation averaged
over the same period as applicable under paragraph 1.A of this Agreement.

     C. If the Executive was furnished with a club membership, that membership will be transferred
by the Corporation to the Executive at no cost to the Executive on the date of the Executive’s
Separation from Service, in which case the Executive shall, immediately following the transfer,
become subject to the dues charges of the club. Notwithstanding the foregoing, if the Executive is
a Specified Employee as of the date of the Executive’s Separation from Service, the Corporation
shall continue to maintain the Executive’s club membership at the same level and rate as in effect
on the date of the Executive’s Separation from Service until, and shall transfer such membership at
no cost to the Executive on, the 409A Payment Date, in which case the Executive shall, during such
period of delay, pay the dues charges of the club on behalf of the Corporation and, immediately
following such delayed transfer, become subject to the dues charges of the club.

     D. All stock options and restricted stock previously granted by the Corporation to the
Executive, whether or not then exercisable, shall become immediately vested and exercisable.

     E. For a period of one year following Executive’s Separation from Service, the Executive shall
be entitled to outplacement services provided by an outplacement service provider designated by the
Corporation. The cost of providing the outplacement services shall be borne solely by the
Corporation, and shall be equal to the lesser of (i) 10% of the Executive’s annual base salary
immediately prior to the Change in Control (or, if higher, the Executive’s annual base salary as of
the date of the Executive’s Separation from Service) and (ii) $20,000.

     F. If the payment of any of the foregoing amounts or benefits (when added to any other
payments or benefits provided to the Executive in the nature of compensation) will result in the
payment of an excess parachute payment as that term is defined in Code Section 280G, then in such
event, the Corporation shall pay the Executive an additional amount for each calendar year in which
an excess parachute payment is received by the Executive (the “Gross-Up Payment”). The Gross-Up
Payment is intended to cover the Executive’s liability for any excise tax imposed under Code
Section 4999, together with any interest or penalties imposed with respect to such excise tax (the
“Excise Tax”) on such excess parachute payment, as well as federal and state income taxes and
parachute tax on the additional amount, and shall be computed as follows:

	 	 	 	 	 
	 	 	A = Pt/(1 - T — t), where -

-2-

 

	 	 	 	 	 
	 

	 	A
	 	is the additional amount for any calendar year;
	 
	 	 	 	 
	 

	 	P
	 	is the amount of the excess parachute payment for the calendar
year in excess of the allocable base amount as defined in Code Section
280G(b)(3);
	 
	 	 	 	 
	 

	 	T
	 	is the effective marginal rate of federal and state income tax
applicable to the Executive for the calendar year; and
	 
	 	 	 	 
	 

	 	t
	 	is the rate of parachute tax under Code Section 4999.
	 
	 	 	 	 
	 	 	The effective marginal rate of federal and state income tax shall be computed as
follows:
	 
	 	 	 	 
	 	 	T = F + S(l - 0.8F) + m, where -
	 
	 	 	 	 
	 

	 	F
	 	is the highest marginal rate of federal income tax applicable
to the Executive for the calendar year;
	 
	 	 	 	 
	 

	 	S
	 	is the highest aggregate marginal rate of state income tax
applicable to the Executive for the calendar year in the state or states and
municipalities to which the Executive is then required to pay income taxes as a
result of the Executive’s employment by the Corporation; and
	 
	 	 	 	 
	 

	 	m
	 	is the employee’s portion of the Medicare tax, currently 1.45%.

Payment of the Gross-Up Payment shall be made to the Executive on or before December 31 of each
calendar year for which an excess parachute payment is received by the Executive, provided, that in
the event the Executive is a Specified Employee as of the date of the Executive’s Separation from
Service, the Gross-Up Payment shall be made to the Executive on the 409A Payment Date, if later.

     G. Subject to the provisions of paragraph 1.G, all determinations required to be made under
these paragraphs 1.E, 1.F and 1.G, including whether and when a Gross-Up Payment is required and
the amount of such Gross-Up Payment and the assumptions to be utilized in arriving at such
determination, shall be made by Ernst & Young, LLP or such other certified public accounting firm
reasonably acceptable to the Corporation as may be designated by the Executive (the “Accounting
Firm”) which shall provide detailed supporting calculations both to the Corporation and the
Executive within 15 business days of the receipt of notice from the Executive that there has been
an excess parachute payment, or such earlier time as is requested by the Corporation. All fees and
expenses of the Accounting Firm shall be borne solely by the Corporation. Any determination by the
Accounting Firm shall be binding upon the Corporation and the Executive. As a result of the
uncertainty in the application of Code Section 4999 at the time of the initial determination by the
Accounting Firm hereunder, it is possible that Gross-Up Payments which will not have been made by
the Corporation should have been made (“Underpayment”), consistent with the calculations required
to be made hereunder. In the event that the Corporation exhausts its remedies pursuant to
paragraph 1.G and the Executive thereafter is required to make a payment of any Excise Tax, the
Accounting Firm shall determine the amount of the Underpayment that has occurred and any such
Underpayment shall be promptly paid by the Corporation to or for the benefit of the Executive.

     H. The Executive shall notify the Corporation in writing of any claim by the Internal Revenue
Service that, if successful, would require the payment by the Corporation of the Gross-Up Payment.
Such notification shall be given as soon as practicable but no later than ten business days after
the Executive is informed in writing of such claim and shall apprise the Corporation of the nature
of such claim and the date on which such claim is requested to be paid. The Executive shall not
pay such claim prior to the expiration of the 30-day period following the date on which it gives
such notice to the Corporation (or such shorter period ending on the date that any payment of taxes
with respect to such claim is due). If the Corporation notifies the Executive in writing prior to
the expiration of such period that

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it desires to contest such claim, the Executive shall: (i) give
the Corporation any information reasonably requested by the Corporation relating to such claim,
(ii) take such action in connection with contesting such claim as the Corporation shall reasonably
request in writing from time to time, including, without limitation, accepting legal representation
with respect to such claim by an attorney reasonably selected by the Corporation, (iii) cooperate
with the Corporation in good faith in order effectively to contest such claim, and (iv) permit the
Corporation to participate in any proceedings relating to such claim; provided,
however, that the Corporation shall bear and pay directly all costs and expenses (including
additional interest and penalties) incurred in connection with such contest and shall indemnify and
hold the
Executive harmless, on an after-tax basis, for any Excise Tax or income tax (including
interest and penalties with respect thereto) imposed as a result of such representation and payment
of costs and expenses. Without limitation on the foregoing provisions of this paragraph 1.H, the
Corporation shall control all proceedings taken in connection with such contest and, at its sole
option, may pursue or forgo any and all administrative appeals, proceedings, hearings and
conferences with the taxing authority in respect of such claim and may, at its sole option, either
pay the tax claimed to the appropriate taxing authority on behalf of the Executive and direct the
Executive to sue for a refund or contest the claim in any permissible manner, and the Executive
agrees to prosecute such contest to a determination before any administrative tribunal, in a court
of initial jurisdiction and in one or more appellate courts, as the Corporation shall determine;
provided, however, that if the Corporation pays such claim and directs the
Executive to sue for a refund, the Corporation shall indemnify and hold the Executive harmless, on
an after-tax basis, from any Excise Tax or income tax (including interest or penalties with respect
thereto) imposed with respect to such payment or with respect to any imputed income with respect to
such payment calculated as described in paragraph 1.F; and further provided that any extension of
the statute of limitations relating to payment of taxes for the taxable year of the Executive with
respect to which such contested amount is claimed to be due is limited solely to such contested
amount. Furthermore, the Corporation’s control of the contest shall be limited to issues with
respect to which a Gross-Up Payment would be payable hereunder and the Executive shall be entitled
to settle or contest, as the case may be, any other issue raised by the Internal Revenue Service or
any other taxing authority. If, after the receipt by the Executive of a payment by the Corporation
of an amount on the Executive’s behalf pursuant to this paragraph 1.H, the Executive becomes
entitled to receive any refund with respect to such claim, the Executive shall (subject to the
Corporation’s complying with the requirements of this paragraph 1.H) promptly pay to the
Corporation the amount of such refund (together with any interest paid or credited thereon after
taxes applicable thereto). If, after payment by the Corporation of an amount on the Executive’s
behalf pursuant to this paragraph 1.H, a determination is made that the Executive shall not be
entitled to any refund with respect to such claim and the Corporation does not notify the Executive
in writing of its intent to contest such denial of refund prior to the expiration of 30 days after
such determination, then the amount of such payment shall offset, to the extent thereof, the amount
of Gross-Up Payment required to be paid.

     2. For purposes of this Agreement, a “Change in Control” shall mean:

     A. The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3)
or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (a “Person”)
of beneficial ownership (within the meaning of Rule l3d-3 promulgated under the Exchange Act) of
20% or more of either (1) the then outstanding shares of common stock of the Corporation (the
“Outstanding Corporation Common Stock”) or (2) the combined voting power of the then outstanding
voting securities of the Corporation entitled to vote generally in the election of directors (the
“Outstanding Corporation Voting Securities”); provided, however, that for purposes
of this subparagraph A, the following acquisitions shall not constitute a Change in Control: (i)
any acquisition directly from the Corporation, (ii) any acquisition by the Corporation, (iii) any
acquisition by any employee benefit plan (or related trust) sponsored or maintained by the
Corporation or any corporation controlled by the Corporation, or (iv) any acquisition by any
corporation pursuant to a transaction which complies with clauses (1), (2) and (3) of subparagraph
C of this paragraph 2; or

     B. Individuals who, as of the date hereof, constitute the Board of Directors of the
Corporation (the “Incumbent Board”) cease for any reason to constitute at least a majority of the
Board of

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Directors; provided, however, that any individual becoming a director
subsequent to the date hereof whose election, or nomination for election by the Corporation’s
shareholders, was approved by a vote of at least a majority of the directors then comprising the
Incumbent Board (either by a specific vote or by approval of the proxy statement of the Corporation
in which such person is named as a nominee for director, without written objection to such
nomination) shall be considered as though such individual were a member of the Incumbent Board, but
excluding, for this purpose, any such individual whose initial assumption of office occurs as a
result of an actual or threatened election contest with respect to the
election or removal of directors or other actual or threatened solicitation of proxies or
contests by or on behalf of a person other than the Board of Directors of the Corporation; or

     C. Consummation of a reorganization, merger, share exchange or consolidation or sale of other
disposition of all or substantially all of the assets of the Corporation (a “Business
Combination”), in each case, unless, following such Business Combination: (1) all or substantially
all of the individuals and entities who were the beneficial owners, respectively, of the
Outstanding Corporation Common Stock and Outstanding Corporation Voting Securities immediately
prior to such Business Combination beneficially own, directly or indirectly, more than 65% of,
respectively, the then outstanding shares of common stock and the combined voting power of the then
outstanding voting securities entitled to vote generally in the election of directors, as the case
may be, of the corporation resulting from such Business Combination (including, without limitation,
a corporation which as a result of such transaction owns the Corporation or all or substantially
all of the Corporation’s assets either directly or through one or more subsidiaries) in
substantially the same proportions as their ownership, immediately prior to such Business
Combination of the Outstanding Corporation Common Stock and Outstanding Corporation Voting
Securities, as the case may be; (2) no Person (excluding any corporation resulting from such
Business Combination or any employee benefit plan (or related trust) of the Corporation or such
corporation resulting from the Business Combination) beneficially owns, directly or indirectly, 20%
or more of, respectively, the then outstanding shares of common stock of the corporation resulting
from such Business Combination or the combined voting power of the then outstanding voting
securities of such corporation except to the extent that such ownership existed prior to the
Business Combination; and (3) at least a majority of the members of the board of directors of the
corporation resulting from such Business Combination were members of the Incumbent Board
immediately prior to the time of the execution of the initial agreement, or of the action of the
Board of Directors of the Corporation, providing for such Business Combination; or

     D. Approval by the stockholders of the Corporation of a complete liquidation or dissolution of
the Corporation.

     3. Executive’s Separation from Service shall be as described in this paragraph 3 if the
Separation from Service results from the Executive’s termination of employment at any time within 3
months prior to (such termination of employment, an “Anticipatory Termination”), on the date of, or
within 24 months after a Change in Control of the Corporation as defined in paragraph 2 of this
Agreement either by (a) involuntary dismissal by the Corporation; or (b) the Executive’s
constructive termination as described in the following sentences of this paragraph 3. If (i) there
is a significant reduction in the scope of the Executive’s authority or in the extent of the
Executive’s powers, functions, duties or responsibilities, or (ii) the Executive’s annual rate of
compensation is reduced or fringe benefits, including relocation benefits, are not provided to the
Executive on a basis commensurate with other executives of the Corporation and its subsidiary
banks, or (iii) there are changes in the Executive’s responsibilities for the Corporation which
require moving the Executive’s job location to a location outside of the lower peninsula of the
State of Michigan, then the Executive shall be entitled to give written notice thereof to the Board
of Directors of the Corporation. If within 60 days following such notice, the Executive and the
Board of Directors of the Corporation do not resolve the Executive’s concerns to the satisfaction
of the Executive (the Executive’s satisfaction or dissatisfaction to be communicated to the Board
of Directors of the Corporation in writing within such 60 days), the Executive’s employment shall
be deemed to be constructively terminated at the end of such 60-day period, provided that Executive
in fact experiences a Separation from Service.

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     4. The specific arrangements referred to above are not intended to exclude the Executive’s
participation in other benefits available to executive personnel of the Corporation generally or to
preclude other compensation or benefits as may be authorized by the Corporation’s Board of
Directors from time to time provided however, Executive shall not be eligible to receive any
benefits under the Corporation’s Severance Pay Plan if Executive receives the severance amount and
other benefits under this Agreement.

     5. As partial consideration for the above, the Executive agrees not to disclose any
confidential information about the Corporation and its operation to which the Executive was privy
during the course of the Executive’s employment by the Corporation. Further, the Executive agrees
not to accept employment or consult for or otherwise assist any competitor of the Corporation for a
period of 24 months following the Executive’s Separation from Service. For purposes of the
foregoing, “competitor” means any financial institution that conducts business from any location
within 50 miles of any location at which the Corporation or any subsidiary bank had an office on
the day immediately prior to the day on which the Change in Control of the Corporation occurred.

     6. This Agreement shall be binding upon and shall inure to the benefit of the respective
successors, assigns, legal representatives and heirs to the parties.

     7. Any payment or delivery required under this agreement shall be subject to all requirements
of the law with regard to withholding, filing, making of reports and the like, and the Corporation
shall use its best efforts to satisfy promptly all such requirements.

     8. Notwithstanding anything contained herein to the contrary, this Agreement shall be
terminated and no benefits to the Executive shall be payable if, at any time, the Executive shall
resign voluntarily (other than as provided in paragraph 3), retire at or after normal retirement
age, become incapacitated, voluntarily take another position requiring a substantial portion of the
Executive’s time, or die. This Agreement also shall terminate upon termination for cause of the
Executive’s employment as an officer of the Corporation or any subsidiary bank by the Incumbent
Board. For purposes of the foregoing, “termination for cause” means termination due to the
Executive’s conviction of a felony, a determination that the Executive is guilty of sexual
harassment of another employee, the Executive’s proven embezzlement from the Corporation or a
subsidiary bank, the Executive’s gross misconduct or incompetence, the Executive’s disclosure of
confidential information of the Corporation or intentional assistance of a competitor of the
Corporation (as defined in paragraph 5), or any other activity of the Executive which has or may
have a material adverse effect on the finances or business reputation of the Corporation or a
subsidiary bank.

     9. Any and all disputes, controversies or claims arising out of or in connection with or
relating to this Agreement or any breach or alleged breach thereof shall, upon the request of
either party, be submitted to and settled by arbitration in the State of Michigan pursuant to the
Voluntary Labor Arbitration Rules, then in effect, of the American Arbitration Association (or at
any other place or under any other form of arbitration mutually acceptable to the parties
involved). The parties hereto specifically agree to arbitrate with the other party in a proceeding
with regard to all issues and disputes, and to permit pre-hearing discovery in the time and manner
provided by the then applicable Federal Rules of Civil Procedure. This agreement to arbitrate
shall be specifically enforceable under the prevailing arbitration law. Notice of the demand for
arbitration shall be filed, in writing, with the other party to this Agreement and with the
American Arbitration Association. The demand for arbitration shall be made within a reasonable
time after the claim, dispute, or other matter in question arose where the party asserting the
claim should reasonably have been aware of the same, but in no event later than the applicable
Michigan or federal statute of limitations. The arbitrator shall have no power to add to, subtract
from, or alter the terms of this Agreement, and shall render a written decision setting forth
findings and conclusions only as to the claims or disputes at issue. Any award by the arbitrator
shall be final and conclusive upon the parties, and a judgement thereon may be entered in the
highest court for the forum, state or federal, having jurisdiction. All expenses of the
arbitration process shall be borne by the Corporation. The Corporation shall reimburse the
Executive for the reasonable fees of legal counsel as incurred (within ten

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days following the
Corporation’s receipt of an invoice from the Executive), at any time from the effective date of
this Agreement through the Executive’s remaining lifetime (or, if longer, through the
20th anniversary of the effective date of this Agreement) in connection with arbitrating
the enforcement of any of the Executive’s rights under this Agreement. However, in no event shall
the Executive be entitled to retain any fees so reimbursed if the claim brought by the Executive
against the Corporation is in the arbitrator’s sole determination frivolous or was brought in bad
faith, and the Corporation will be entitled to seek repayment from the Executive for such fees
after such determination by the arbitrator. In order to
comply with Code Section 409A, in no event shall the payments by the Corporation under this
paragraph 9 be made later than the end of the calendar year next following the calendar year in
which such fees and expenses were incurred, provided, that the Executive shall have submitted an
invoice for such fees and expenses at least ten days before the end of the calendar year next
following the calendar year in which such fees and expenses were incurred. The amount of such
legal fees and expenses that the Corporation is obligated to pay in any given calendar year shall
not affect the legal fees and expenses that the Corporation is obligated to pay in any other
calendar year, and the Executive’s right to have the Corporation pay such legal fees and expenses
may not be liquidated or exchanged for any other benefit.

     10. Within the time period permitted by the applicable Treasury Regulations, the Corporation
may, in consultation with the Executive, modify the Agreement, in the least restrictive manner
necessary and without any diminution in the value of the payments to the Executive, in order to
cause the provisions of the Agreement to comply with the requirements of Code Section 409A, so as
to avoid the imposition of taxes and penalties on the Executive pursuant to Code Section 409A.

     11. The invalidity or unenforceability of any provision of this Agreement shall not affect the
enforceability or validity of any other provision hereof.

     12. This Agreement constitutes the entire agreement of the parties with respect to the subject
matter addressed in this Agreement. This Agreement may be amended only in a written document
signed by both the Corporation and the Executive.

     13. This Agreement shall be governed by the laws of the State of Michigan. This Agreement has
been executed by the parties effective as of February 26, 2008.

	 	 	 	 	 	 	 	 	 
	CITIZENS REPUBLIC BANCORP, INC.	 	 	 	EXECUTIVE	 	 
	 
	 	 	 	 	 	 	 	 
	By:
	 	 	 	 	 	 	 	 
	 

	 	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 
	Date:

	 	February 26, 2008
	 	 	 	Date: February 26, 2008	 	 

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