Document:

EX-10.24

Exhibit 10.24

FIRSTMERIT CORPORATION

AMENDED AND RESTATED

CHANGE IN CONTROL TERMINATION AGREEMENT

(TIER I/2008 SERP)

     THIS AGREEMENT (“Agreement”) originally was effective the [insert date] (“Effective Date”), by
and between FirstMerit Corporation, an Ohio corporation (the “Company”), and [insert executive
name], the executive employee who has executed this Agreement (“Employee”). Effective as of this
___ day of January, 2009, the parties hereby amend and restate the Agreement (as previously amended
and restated from time to time) as set forth herein.

RECITALS:

     A. The Employee serves as an executive and is considered a key corporate officer of the
Company or one of its affiliates.

     B. The Board of Directors of the Company (“Board”) has determined that the interests of the
Company’s shareholders will be best served by ensuring that key corporate officers will adhere to
the policies of the Board and senior management with respect to any event by which another entity
would acquire effective control of the Company.

     C. The Board has also determined that it is in the best interests of the shareholders to
promote stability among key officers and employees, particularly during the period leading up to
and after another entity acquires effective control of the Company.

     D. Employee and the Company may have previously entered into a Change in Control Termination
Agreement, which agreement is being replaced in its entirety by this Agreement, and have also
entered into a Displacement Agreement which protects Employee in the circumstance of a displacement
of the Employee which occurred due to a merger or acquisition described in the Displacement
Agreement. If an event (or series of events) creates an entitlement under both the Displacement
Agreement and this Agreement, the Employee will not be entitled to be paid benefits under both this
Agreement and the Displacement Agreement but will be entitled to a benefit under this Agreement or
under the Displacement Agreement, whichever produces the largest after-tax benefit to the Employee.

     IN CONSIDERATION OF THE FOREGOING, the mutual covenants hereinafter contained and other good
and valuable consideration, receipt of which is hereby acknowledged, the Company and Employee agree
as follows:

     1. Duties of Employee. In exchange for the compensation and benefits described in
this Agreement, the Employee agrees to discharge the obligations described in paragraph 9 and,
consistent with his or her duties to shareholders and other legal obligations, Employee shall
support the position of the Board and the Company’s senior management and shall take any action
reasonably requested by the Board and the Company’s senior management with respect to any event
that may or will constitute a Change in Control. The Employee agrees (on his/her own behalf and in
behalf of his/her heirs, assigns and beneficiaries) that the compensation and

 

 

benefits described in this Agreement are adequate consideration for the obligations assumed in
this Agreement.

     2. Change in Control. The term “Change in Control” shall mean the occurrence of the
earliest to occur of any one of the following events on or after the Effective Date and while in
the employ of the Company or any Subsidiary (as defined below) before a Change in Control or, after
a Change in Control, the Change Entity or any Related Entity (each as defined below), and shall
occur on the date that:

          (a) The individuals who, on April 19, 2000, constituted the Board (the “Incumbent Directors”)
are replaced during any 12-month period by directors whose appointment or election was not endorsed
by a majority of the members of the Incumbent Board before the date of appointment or election;

          (b) Any “person” (as such term is defined in Section 409A of the Internal Revenue Code of
1986, as amended (“Code”)) or more than one person acting as a “group” (as such term is defined in
Section 409A of the Code) acquires ownership of stock of the Company that, together with stock held
by such person or group, constitutes more than 50% of the total fair market value or total voting
power of the stock of the Company;

          (c) Any “person” (as such term is defined in Section 409A of the Code) or more than one person
acting as a “group” (as such term is defined in Section 409A of the Code) acquires (or has acquired
during the 12-month period ending on the date of the most recent acquisition by such person or
persons) ownership of stock of the Company possessing 30% or more of the total voting power of the
stock of the Company; provided, however, that the event described in this paragraph (c) shall not
be deemed to be a Change in Control for purposes of this paragraph (c) by virtue of any of the
following acquisitions:

          (i) by the Company or any Subsidiary (i.e., any entity related to the Company through
common ownership as determined under Sections 414 or 1563 of the Code);

          (ii) by or through any employee benefit plan sponsored or maintained by the Company or
any Subsidiary and described (or intended to be described) in Section 401(a) of the Code;

          (iii) directly through an equity compensation plan maintained by the Company or any
Subsidiary, including a program described in Section 423 of the Code;

          (iv) by any underwriter temporarily holding securities pursuant to an offering of such
securities;

          (v) by any entity or “person” (including a “group” as contemplated by Sections 13(d)(3)
and 14(d)(2) of the Exchange Act) with respect to which that acquirer has filed SEC Schedule
13G indicating that the securities were not acquired and are not held for the purpose of or
with the effect of changing or influencing, directly or indirectly, the Company’s management
or policies (regardless of whether such acquisition of securities is considered to
constitute the acquisition of control under the

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Bank Holding Company Act of 1956 pursuant to Regulation Y promulgated thereunder),
unless and until that entity or person files SEC Schedule 13D, at which point this exception
will not apply to outstanding securities eligible to vote for the election of the Board
(“Company Voting Securities”), including those previously subject to an SEC Schedule 13G
filing; or

          (vi) pursuant to a Non-Control Transaction (as defined in paragraph (d)).

          (d) The date of the consummation of a merger, consolidation, statutory share exchange or
similar form of corporate transaction involving the Company or any of its Subsidiaries that
requires the approval of the Company’s shareholders, whether with respect to such transaction or
the issuance of securities in connection with the transaction (a “Business Combination”) that
results in an event described in subparagraphs (a), (b) or (c) or (f), unless immediately following
such Business Combination:

          (i) more than 50% of the total voting power of (A) the corporation resulting from such
Business Combination (the “Surviving Entity”), or (B) if applicable, the ultimate parent
corporation that directly or indirectly has beneficial ownership of 100% of the voting
securities eligible to elect directors (“Total Voting Power”) of the Surviving Entity (the
“Parent Entity”), is represented by Company Voting Securities that were outstanding
immediately prior to such Business Combination (or, if applicable, shares into which such
Company Voting Securities were converted pursuant to such Business Combination), and such
voting power among the holders thereof is in substantially the same proportion as the voting
power of such Company Voting Securities among the holders thereof immediately prior to the
Business Combination; and

          (ii) at least a majority of the members of the board of directors of the Parent Entity
(or, if there is no Parent Entity, the Surviving Entity) following the consummation of the
Business Combination were Incumbent Directors at the time of the Board’s approval of the
execution of the initial agreement providing for such Business Combination

          Any Business Combination which satisfies all of the criteria specified in (d)(i) and
(d)(ii) shall be deemed to be a “Non-Control Transaction”);

          (e) The date that the shareholders of the Company approve a plan of complete liquidation or
dissolution of the Company resulting in any of the events described in subparagraphs (a), (b) or
(c) or (f); or

          (f) The date that any one person (as defined in Section 409A of the Code) or more than one
person acting as a group (as defined in Section 409A of the Code), acquires (or has acquired during
the 12-month period ending on the date of the most recent acquisition by such person or persons)
assets from the Company that have a total gross fair market value equal to or more than 40% of the
total gross fair market value of all assets of the Company immediately before such acquisition or
acquisitions; provided, however, that for purposes of

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determining whether a Change in Control has occurred pursuant to this subparagraph (f), any
transfer described in Treasury Regulation §1.409A-3(i)(5)(vii)(B) shall be disregarded.

     The foregoing definition of Change in Control shall be construed consistent with the
definition of “change in control event” in Section 409A of the Code.

     Notwithstanding the foregoing, a Change in Control of the Company shall not be deemed to occur
solely because any person or group acquires beneficial ownership of more than 30% of the Company
Voting Securities as a result of the acquisition of Company Voting Securities by the Company which
reduces the number of Company Voting Securities outstanding; provided, that if within the 12-month
period after such acquisition by the Company such person or persons becomes the beneficial owner of
additional Company Voting Securities that increases the percentage of outstanding Company Voting
Securities beneficially owned by such person or persons by more than one percent, a Change in
Control of the Company shall then occur.

     For purposes of this Agreement, the entity resulting from a Change in Control (including, if
appropriate, the Company) or succeeding to the Company’s interest in connection with a Change in
Control is referred to as the “Change Entity.”

     If more than one event that constitutes a Change in Control occurs during a Protection Period,
the Employee shall be entitled to the amount that equals the largest after-tax amount generated by
any of the Changes in Control.

     If one or more events generate a payment under both this Agreement and the Displacement
Agreement, the Employee will be entitled only to the benefit described in this Agreement or in the
Displacement Agreement, whichever provides the highest after-tax value to the Employee, but will
not be entitled to amounts under both agreements.

     Notwithstanding any other provision of this Agreement, the Employee will not be entitled to
any amount under this Agreement if he/she acted in concert with any person or group (as defined
above) to effect a Change in Control, other than at the specific direction of the Board and in
his/her capacity as an employee of the Company or any Subsidiary.

     2A. Benefits Upon Certain Changes in Control.

          (a) On the occurrence of any Change in Control during Employee’s employment with the Company
or any Subsidiary, the Employee shall be entitled to (and each of the Change Entity and all Related
Entities shall be jointly liable for) the benefits provided in subparagraphs (b) and (c) below;
provided that such benefits shall not apply if such Employee’s employment with the Company or any
Subsidiary is subsequently terminated for Cause (as used for purposes of this Agreement). For the
avoidance of doubt, nothing in this paragraph 2A shall operate to accelerate the payment or
settlement of any amount or benefit in a manner that would violate Section 409A of the Code.

          (b) Except as provided in subparagraph (a) above, upon a Change in Control during Employee’s
employment with the Company or any Subsidiary (i) the Employee’s outstanding stock options,
restricted stock and other stock, phantom stock, stock appreciation rights or similar arrangements
in which he participates, whether issued before, in connection

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with or after the Change in Control will be fully vested and exercisable and settled as
described in the applicable plan or plans and (ii) notwithstanding any provisions to the effect
that rights terminate upon termination of employment, the Employee (or his beneficiary) shall be
given the remaining period provided in the grant (determined without regard to any termination of
employment by the Employee following the Change in Control), to realize or exercise all rights or
options provided under such plans with respect to any stock option, and other stock, phantom stock,
stock appreciation rights or similar grants.

          (c) Except as provided in subparagraph (a) above, upon a Change in Control during Employee’s
employment with the Company or any Subsidiary, the following shall apply for purposes of
calculating the Employee’s benefits, if applicable, under the 2008 Supplemental Executive
Retirement Plan effective as of January 1, 2008, and as maybe amended from time to time, and/or any
other nonqualified plan of deferred compensation in effect during the Protection Period (the
“SERP”):

          (i) (y) the vested portion of the Employee’s Account (as defined in Section 5.01 of the
SERP) shall be increased by the amount of contributions described in Section 3.01 of the
SERP that the Employee would have received had the Employee remained a Participant (as
defined in the SERP) for an additional 2 Plan Years (as defined in the SERP); and (z) the
Employee’s “Compensation” for purposes of the SERP shall be deemed to be equal to the total
of the highest monthly base salary and bonus compensation earned by the Employee for any 12
month period during the 24 month period immediately preceding the Employee’s termination of
employment and the value of the incentive compensation payment the Employee would receive if
payout was made at the “target” percentage for the Employee under the Company’s Executive
Incentive Plan (and/or any analogous plan adopted after the date of this Agreement) in the
year of Employee’s termination of employment (or any higher percentage based on objective
criteria specified in the Incentive Compensation Plan for the year in which the date of
termination occurs and/or any analogous plan adopted after the date of this Agreement) that
the Employee has achieved before the date of termination in the year of Employee’s date of
termination.

          (ii) The terms of this paragraph 2A(c) shall apply only if the Employee is a
participant in the SERP, and shall supersede any contrary provisions of the SERP and any
membership agreement executed between the Company and the Employee in connection with the
Employee’s participation in the SERP, unless expressly provided otherwise in such membership
agreement. The Employee’s SERP benefit, calculated using the provisions of this paragraph
2A(c), is assumed to commence on the earliest date upon which the Employee is eligible to
retire under the SERP for purposes of determining the Actuarial Equivalent (as defined in
the SERP) of such benefit.

     3. Company’s Right to Terminate. The entity with which the Employee has a direct
employment relationship (“Employer”) may terminate the Employee’s employment at any time during the
term of this Agreement, subject to the terms of this Agreement and the obligation to provide the
amounts stated herein if due. For purposes of this Agreement, any reference to the Employee’s
“termination” or “termination of employment” (or any form thereof) shall mean the Employee’s
“separation from service”, within the meaning of Section 409A of the Code, from

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the Employer and all entities that, along with the Employer would be treated as a single
employer under Sections 414(b) and (c) of the Code.

     4. Termination in Connection With a Change in Control. In the event of termination of
employment from the Company or any Subsidiary before a Change in Control or, after a Change in
Control, the Change Entity or any Related Entity (including an involuntary termination while the
employee is absent from active employment pending determination of Disability under the procedures
described in paragraph 4(a)) within the “Protection Period” (i.e., the period beginning on the date
the Board first learns of an act or event that results in a Change in Control, even if that period
begins before the Effective Date, and ending on the last day of the number of calendar months
specified in Item 10 on Exhibit A beginning coincident with or immediately after a Change in
Control), the Employee shall be entitled to the benefits provided in paragraph 6 unless such
termination is because of the Employee’s death or determination of Disability (as described in
paragraph 4(a)), for Cause, or by the Employee other than for Good Reason.

          (a) Disability. The term “Disability” shall mean termination because of Total and
Permanent Disability as defined in the Long-Term Disability Plan in effect at any time during the
Protection Period in which the Employee is or was participating when the condition began (or, if
the Employee is or was not participating in a Long-Term Disability Plan when the condition begins,
as defined under any long-term disability program in effect at any time during the Protection
Period). If the Employee is deemed Disabled, his date of termination will be the end of any period
prescribed under the long-term disability plan for determining eligibility for long term disability
benefits and any termination occurring before that date will not be a termination for Disability.
Also, any adjustment to the Employee’s compensation, job duties or other circumstances of
employment during the period his Disability is being established will not constitute a basis for
“Good Reason” under paragraph 4(c).

          (b) Cause. The term “Cause” shall mean one or more of the following acts of the
Employee:

          (i) any act of fraud, intentional misrepresentation, embezzlement, misappropriation or
conversion by the Employee of the assets or business opportunities of the Company or any
Subsidiary before a Change in Control or, after a Change in Control, the Change Entity or
any entity related through common ownership (as determined under Sections 414 and 1563 of
the Code) to the Change Entity (“Related Entity”);

          (ii) conviction of the Employee of (or plea by the Employee of guilty to) a felony (or
a misdemeanor that originally was charged as a felony but was reduced to a misdemeanor as
part of a plea bargain) or intentional and repeated violations by the Employee of the
Employer’s written policies or procedures;

          (iii) disclosure, other than through mere inadvertance, to unauthorized persons of any
Confidential Information (as defined below);

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          (iv) intentional breach of any contract with or violation of any legal obligation owed
to the Company or any Subsidiary before a Change in Control or, after a Change in Control,
the Change Entity or any Related Entity;

          (v) dishonesty relating to the duties owed by the Employee to the Company or any
Subsidiary before a Change in Control or, after a Change in Control, the Change Entity or
any Related Entity;

          (vi) the Employee’s (x) willful and continued refusal to substantially perform assigned
duties (other than any refusal resulting from sickness or illness or while suffering from an
incapacity due to physical or mental illness, including a condition that does or may result
in a Disability, or attributable to an event that constitutes Good Reason, as defined in
paragraph (c)), (y) willful engagement in gross misconduct materially and demonstrably
injurious to the Company or any Subsidiary before a Change in Control or, after a Change in
Control, the Change Entity or any Related Entity or (z) breach of any term of this
Agreement; or

          (vii) any intentional cooperation with any party attempting to effect a Change in
Control unless (y) the Board has approved or ratified that action before the Change in
Control or (z) that cooperation is required by law.

     However, Cause will not arise solely because the Employee is absent from active employment
during periods of vacation, consistent with the Employer’s applicable vacation policy, sickness or
illness or while suffering from an incapacity due to physical or mental illness, including a
condition that does or may result in a Disability or other period of absence initiated by the
Employee and approved by the Employer.

     The term “Confidential Information” shall mean any and all information (other than information
in the public domain) related to the Company’s, any Subsidiary’s, the Change Entity’s or any
Related Entity’s business, including all processes, inventions, trade secrets, computer programs,
technical data, drawings or designs, information concerning pricing and pricing policies, marketing
techniques, plans and forecasts, new product information, information concerning methods and manner
of operations and information relating to the identity and location of all past, present and
prospective customers and suppliers.

          (c) Good Reason. The term “Good Reason” shall mean any of the following to which the
Employee has not specifically consented in writing:

          (i) at any time during the Protection Period, any breach of this Agreement (including
breach of the commitments undertaken under paragraph 9(d) of any nature whatsoever) by or on
behalf of the Company or any Subsidiary before a Change in Control or, after a Change in
Control, the Change Entity or any Related Entity;

          (ii) at any time during the Protection Period, a reduction in the Employee’s title,
duties, responsibilities or status, as compared to either (y) the Employee’s title, duties,
responsibilities or status immediately before the beginning of the Protection Period or (z)
any enhanced or increased title, duties, responsibilities or status assigned to the Employee
during the Protection Period;

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          (iii) at any time during the Protection Period, the permanent assignment to the
Employee of duties that are inconsistent with (y) the Employee’s office immediately before
the beginning of the Protection Period or (z) any more senior office to which the Employee
is promoted during the Protection Period;

          (iv) during any calendar year ending during the Protection Period (or any fractional
calendar year ending within the Protection Period), a 15 percent (or larger) reduction
(other than a reduction that is attributable to any termination for death, after reaching
age 65 (but only if the Employee is then entitled to an immediate, unreduced benefit under a
deferred compensation plan described in Section 401(a) of the Code), Disability or Cause,
voluntary termination by the Employee other than for Good Reason or for any period of
temporary absence protected by law or initiated by the Employee and approved by the
Employer) in the aggregate value of the highest of the Employee’s total compensation for the
calendar year ending before the Date of Termination (including base salary, cash bonus
potential, the value of employee benefits, other than value associated solely with the
performance of investments the Employee controls, and fringe benefits but excluding
compensation attributable to the exercise or liquidation of stock options) or, if higher,
the Employee’s total compensation for the last calendar year ending before the beginning of
the Protection Period (including base salary, cash bonus potential, the value of employee
benefits, other than value associated solely with the performance of investments the
Employee controls, and fringe benefits) but, in both cases, determined without regard to any
amounts, paid or payable, under paragraphs 6, 7, 8 and 11;

          (v) at any time during the Protection Period, a requirement that the Employee relocate
to a principal office or worksite (or accept indefinite assignment) to a location more than
50 miles distant from (y) the principal office or worksite to which the Employee was
assigned immediately before the beginning of the Protection Period or (z) any location to
which the Employee agreed, in writing, to be assigned after a Change in Control;

          (vi) at any time during the Protection Period, the imposition on the Employee of
business travel obligations substantially greater than the Employee’s business travel
obligations during the 12-consecutive-calendar-month period ending immediately before the
beginning of the Protection Period but determined without regard to any special business
travel obligations associated with activities relating to the Change in Control;

          (vii) at any time during the Protection Period, the Employer’s (u) failure to continue
in effect any material fringe benefit or compensation plan, retirement or deferred
compensation plan, life insurance plan, health and accident plan, sick pay plan or
disability plan in which the Employee is participating (or was eligible to participate)
immediately before the beginning of the Protection Period, (v) modification of any of the
plans or programs just described that adversely affects the potential value of the
Employee’s benefits under those plans (other than value associated solely with the
performance of investments the Employee controls) or (w) failure to provide the Employee,
after a Change in Control, with the same number of paid vacation days to which the Employee
is or becomes entitled at or anytime during the Protection Period

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under the terms of the Employer’s vacation policy or program. However, Good Reason
will not arise under this subsection solely because (x) the Company or any Subsidiary before
a Change in Control or, after a Change in Control, the Change Entity or any Related Entity
terminates or modifies any such program during the Protection Period solely to comply with
applicable law but only to the extent required to meet applicable legal standards, (y) a
plan or benefit program expires under self-executing terms contained in that plan or benefit
program before the Change in Control or (z) the Company or any Subsidiary before a Change in
Control or, after a Change in Control, the Change Entity or any Related Entity replaces a
plan or program with a successor plan or program of equal or equivalent value to the
Employee;

          (viii) for the duration of any period of any absence from active employment that begins
or continues at any time during the Protection Period, failure to provide or continue for
the Employee any benefits (including disability benefits) available to employees who are
absent from active employment (including because of disability) under programs maintained by
the Company, the Change Entity or any Related Entity on the date the absence (including
disability) begins;

          (ix) during the Protection Period, the Employee is unable to perform normally assigned
duties because of a physical or mental condition and before his/her Disability is
established under paragraph 4(a), the Company or any Subsidiary before a Change in Control
or, after a Change in Control, the Change Entity or any Related Entity terminates the
Employee before the end of the Disability determination period described in paragraph 4(a);

          (x) during the Protection Period, the Company or any Subsidiary before a Change in
Control or, after a Change in Control, the Change Entity or any Related Entity
unsuccessfully attempts to terminate the Employee for Cause, in which case the Effective
Period will not end earlier than 60 days after the conclusion of the Employer’s unsuccessful
attempt to terminate the Employee for Cause;

          (xi) during the Protection Period, the Employer attempts to amend or terminate this
Agreement without regard to the procedures described in paragraphs 10 or 13;

          (xii) failure at any time to obtain an assumption of the Company’s or any Subsidiary’s,
before a Change in Control, or, after a Change in Control, the Change Entity’s or any
Related Entity’s obligations under this Agreement by any successor to any of them,
regardless of whether such entity becomes a successor to the Company or any Subsidiary,
before a Change in Control, or, after a Change in Control, the Change Entity or any Related
Entity as a result of a merger, consolidation, sale of assets or any other form of
reorganization; or

          (xiii) termination of employment which is not effected pursuant to a Notice of
Termination satisfying the requirements of paragraph 5 herein.

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     5. Notice of Termination. Any purported termination of the Employee’s employment
shall be communicated by a written Notice of Termination to the other party delivered no later than
60 days after the Employee, in the case of Good Reason, or, in other cases, the Company or any
Subsidiary, before a Change in Control, or, after a Change in Control, the Change Entity and any
Related Entity, knows or with reasonable diligence should have known of the event constituting Good
Reason, Cause or Disability. For purposes of this Agreement, a “Notice of Termination” shall mean
a notice which shall indicate the specific termination provisions in this Agreement relied upon,
shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for
termination of the Employee’s employment under the provisions so indicated and shall specify a
“Date of Termination”, which shall be the date of the Employee’s termination of employment.

     6. Compensation and Benefits Upon Termination.

          (a) If a Change in Control has occurred and during the Protection Period the Employee’s
employment is terminated (i) by the Employer other than for Cause, Disability or death or (ii) by
the Employee for Good Reason, the Employee shall be entitled to (and each of the Change Entity and
all Related Entities shall be jointly liable for) the compensation and benefits provided in
subparagraph (c) below.

          (b) The compensation described in subparagraphs (c)(i), (c)(ii) and (c)(iii) shall be paid by
the Change Entity or the Employer (or jointly by them) to the Employee in a single lump sum cash
payment on or before the fifth business day following the effective Date of Termination (or, if the
Employee’s Date of Termination occurred prior to a Change in Control, on or before the fifth
business day following the date of the Change in Control). The compensation and benefits described
in subparagraphs (c)(iv), (c)(v), (c)(vi) and (c)(vii) will be paid as provided in those
subparagraphs.

          (c) The compensation and benefits payable to an Employee pursuant to this paragraph 6 shall be
as follows:

          (i) Base Salary to Date of Termination. The Employee’s full base salary through the
Date of Termination.

          (ii) Base Salary. An amount equal to the Employee’s annual base salary (at the highest
annualized rate in effect at any time during the Protection Period) multiplied by the number
indicated in Item 6(c)(ii) on Exhibit A, which Exhibit is attached hereto and incorporated
by reference herein.

          (iii) Incentive Compensation. An amount equal to (y) the value of the incentive
compensation payment the Employee would receive if payout was made at the “target”
percentage for the Employee under the Company’s Executive Incentive Plan (and/or any
analogous plan adopted after the date of this Agreement) for the year of the Employee’s Date
of Termination (or any higher percentage based on objective criteria specified in the
Executive Incentive Compensation Plan for the year in which the Date of Termination occurs
and/or any analogous plan adopted after the date of this Agreement that the Employee has
achieved before the Date of Termination) or, if higher, the value of

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the incentive compensation payment the Employee received under the Company’s Executive
Incentive Plan (and/or any analogous plan adopted after the date of this Agreement) at any
time during the Protection Period multiplied by (z) the number indicated in Item 6(c)(iii)
on Exhibit A.

          (iv) Stock Plans. To the extent not otherwise vested pursuant to paragraph 2A(b)
above, the Employee’s outstanding stock options and other stock, phantom stock, stock
appreciation rights or similar arrangements in which he/she participates, whether issued
before, in connection with or after the Change in Control will be fully vested and
exercisable and settled in accordance with the terms of the applicable plan or plans.
Notwithstanding any provisions to the effect that rights terminate upon termination of
employment, the Employee (or his/her beneficiary) shall be given the longer of 90 days after
the Date of Termination, or the remaining period provided in the grant (determined without
regard to the Employee’s termination), to realize or exercise all rights or options provided
under such plans with respect to any stock option, and other stock, phantom stock, stock
appreciation rights or similar grants.

          (v) Medical Benefits and Life Insurance. The Employer or the Change Entity shall
maintain in full force and effect for the Employee’s (and for his/her family if family
coverage is then in effect) continued benefit until the earlier of the number of months
listed in Item 6(c)(v) on Exhibit A after the Date of Termination, or the end of the
calendar month in which the Employee reaches the age of 67, all medical insurance (including
health care, dental and prescription drug insurance), life insurance, and accidental death
and dismemberment insurance including conversion rights (collectively, “Welfare Benefits”),
with coverage and limits, separately for each Welfare Benefit and in the aggregate,
identical to those in effect with respect to the Employee (including family coverage if
family coverage is then in effect), immediately before the Date of Termination or, if higher
(both separately and in the aggregate) at any time during the Protection Period. If the
Employer or the Change Entity is unable to provide some or all of the Welfare Benefits
through its insured program for the duration of the period described in the first sentence
of this paragraph, the Employer or the Change Entity will distribute to the Employee a lump
sum cash amount equal to the highest aggregate premium amount paid during the Protection
Period with respect to the Welfare Benefit it is unable to provide through its insured
programs multiplied by the number of whole and fractional premium periods for which it is
unable to provide this coverage through its insured program, plus an additional amount equal
to the Premium Tax Obligation (as defined below). If the Employee is a participant in the
Company’s Executive Committee Life Insurance Program (and/or any analogous plan adopted
after the date of this Agreement) on the Date of Termination, the Change Entity and/or the
Employer shall pay the premium for the Employee on such insurance for a period ending the
earlier of the number of months listed in Item 6(c)(v) on Exhibit A after the Date of
Termination, or the calendar month in which the Employee reaches the age of 67, plus an
additional amount to the Employee equal to the Premium Tax Obligation. For the sole purpose
of determining the Employee’s eligibility to participate in the Company’s Welfare Benefit
programs, the Employee shall be considered to be on a paid leave of absence as long as
he/she is receiving benefits under this Agreement.

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          The term “Premium Tax Obligation” shall mean an additional cash amount equal to all
applicable federal, state and local, income, wage, employment and excise taxes (including
those imposable under Code §4999) so that, after payment of all taxes due on the cash
payments described in this subparagraph (c)(v) (i.e., the cash equivalent of the premiums
needed to provide the Welfare Benefits the Change Entity and/or the Company are unable to
provide through their insured programs), the Employee will retain cash equal to the highest
aggregate premium amount paid during the Protection Period with respect to the Welfare
Benefit it is unable to provide through its insured programs multiplied by the number of
whole and fractional premium periods for which it is unable to provide this coverage through
its insured program.

          Notwithstanding the foregoing, (A) any amounts or benefits that will be paid or
provided under this subparagraph with respect to health or dental coverage after completion
of the time period described in Treasury Regulation §1.409A-1(b)(9)(v)(B) and (B) any other
amounts or benefits that will be paid or provided under this subparagraph shall be subject
to the following requirements: (1) the amount of expenses eligible for reimbursement or
benefits provided during any taxable year of the Employee may not affect the expenses
eligible for reimbursement or benefits to be provided in any other taxable year of the
Employee; (2) any reimbursement of an eligible expense shall be made on or before the last
day of the taxable year of the Employee following the taxable year of the Employee in which
the expense was incurred; and (3) the right to such reimbursement or benefit may not be
subject to liquidation or exchange for another benefit.

          (vi) Supplemental Executive Retirement Plan. To the extent not otherwise provided
pursuant to paragraph 2A(c), the following shall apply for purposes of calculating the SERP:

          (y) the vested portion of the Employee’s Account (as defined in Section 5.01 of
the SERP) shall be increased by the amount of contributions described in Section
3.01 of the SERP that the Employee would have received had the Employee remained a
Participant (as defined in the SERP) for an additional 2 Plan Years (as defined in
the SERP); and

          (z) the Employee’s “Compensation” for purposes of the SERP shall be deemed to
be equal to the total of the highest monthly base salary and bonus compensation
earned by the Employee for any 12 month period during the 24 month period
immediately preceding the Change in Control and the value of the incentive
compensation payment the Employee would receive if payout was made at the “target”
percentage for the Employee under the Company’s Executive Incentive Plan (and/or any
analogous plan adopted after the date of this Agreement) in the year of Employee’s
Date of Termination (or any higher percentage based on objective criteria specified
in the Incentive Compensation Plan for the year in which the Date of Termination
occurs and/or any analogous plan adopted after the date of this Agreement) that the
Employee has achieved before the Effective Date of Termination in the year of
Employee’s Date of Termination.

-12-

 

          The terms of this subparagraph (vi) shall apply only if Employee is a participant in
the SERP, and shall supersede any contrary provisions of the SERP and any membership
agreement executed between the Company and the Employee in connection with the Employee’s
participation in the SERP, unless expressly provided otherwise in such membership agreement.
The Employee’s SERP benefit, calculated using the provisions of subparagraphs (vi) (y) and
(z) above, is assumed to commence on the earliest date upon which the Employee is eligible
to retire and receive a benefit under the SERP.

          If the SERP is terminated and the Employee cites that termination as a basis for Good
Reason termination, the benefits due under this subparagraph will be calculated as if the
SERP had not been terminated.

          (vii) Outplacement Fees. For a period not to exceed one year after the Date of
Termination, the Change Entity, the Employer or any Related Entity will pay directly to the
provider the reasonable expenses associated with outplacement training of the Employee by a
professional placement firm and in an amount not to exceed that listed as Item 6(c)(vii) on
Exhibit A.

          (d) Notwithstanding anything in this Agreement to the contrary, if the Employee is a
“specified employee” (within the meaning of Section 409A of the Code and as determined under the
relevant entity’s policy for determining specified employees), on the Employee’s date of
termination and the Employee is entitled to a payment and/or a benefit under this Agreement that is
required to be delayed pursuant to Section 409A(a)(2)(B)(i) of the Code, then such payment or
benefit, as the case may be, shall not be paid or provided (or begin to be paid or provided) until
the first business day of the seventh month following the date of the Employee’s termination of
employment (or, if earlier, the date of the Employee’s death). The first payment that can be made
to the Employee following such postponement period shall include the cumulative amount of any
payments or benefits that could not be paid or provided during such postponement period due to the
application of Section 409A(a)(2)(B)(i) of the Code.

     7. Overall Limitation on Benefits. Notwithstanding any provision in this Agreement to
the contrary (other than paragraphs 6(c)(v), 8 and 11 which will apply under the circumstances
described in those paragraphs and below), if, as of the date of the Change in Control, the Change
Entity (after consulting with an independent accounting or compensation consulting company)
ascertains that the compensation and benefits provided to the Employee pursuant to or under this
Agreement (other than the Welfare Benefit Replacement Cost defined below and the amounts described
in paragraphs 8 and 11), either alone or when combined with other compensation and benefits
received by the Employee, would constitute “excess parachute payments” within the meaning of
Section 280G of the Code, or the regulations adopted thereunder, then the compensation and benefits
payable pursuant to or under this Agreement (other than the Welfare Benefit Replacement Cost and
the amounts described in paragraphs 8 and 11) shall be reduced to the extent necessary so that no
portion thereof shall be subject to the excise tax imposed by Section 4999 of the Code (“Excise
Taxes”). The Employee or any other party entitled to receive the compensation or benefits
hereunder may request a determination as to whether the compensation or benefit would constitute a
parachute payment and, if requested, such determination shall be made by an independent accounting
or compensation consulting company

-13-

 

(other than the entity described in the first sentence of this subparagraph) selected by the
Change Entity and approved by the party requesting such determination, the fees of which will be
borne solely by the Change Entity. Any reduction required under this paragraph 7 shall be made
consistent with the requirements of Section 409A of the Code.

     If the Internal Revenue Service subsequently and finally decides that the amount of the
reduction applied under this paragraph 7 is not sufficient to avoid the Excise Taxes on
compensation and benefits (other than the Welfare Benefit Replacement Cost and those amounts
described in paragraphs 8 and 11), the Employee will immediately remit an additional amount to the
Change Entity equal to the difference between the amount paid (other than the Welfare Benefit
Replacement Cost and those amounts described in paragraphs 8 and 11) and the amount the Internal
Revenue Service is necessary to avoid the Excise Taxes. Also, the Employee agrees to promptly
notify the Change Entity of an assessment or inquiry from the Internal Revenue Service relating to
payments under this Agreement that would, if made final, result in imposition of an Excise Tax and
also agrees to cooperate with the Change Entity in resisting any Excise Tax assessment. However,
the Change Entity will have complete control over resolution of any claim by the Internal Revenue
Service that might generate an Excise Tax (although it will have no dispositive power over any
other tax matter that may be subject to the same audit) and the Company will bear all costs
associated with that effort.

     For purposes of this paragraph 7, Welfare Benefit Replacement Cost equals the sum of the
amount required to enable the Employee to purchase the Welfare Benefits the Change Entity and the
Company are unable to provide through their insured programs throughout the period described in
paragraph 6(c)(v) plus the Premium Tax Obligation. When applying the rules described in this
paragraph 7, the Welfare Benefit Replacement Cost and those amounts described in paragraphs 8 and
11 will be disregarded entirely and the calculation of any Excise Tax liability (and, if
appropriate, reduction of compensation and benefits to avoid any Excise Tax liability) will be
performed without reference to the Welfare Benefit Replacement Cost and the amounts described in
paragraphs 8 and 11.

     8. Legal, Etc., Fees. The Change Entity shall pay all reasonable legal, accounting
and actuarial fees and expenses incurred by the Employee of the Employee’s estate in enforcing any
right or benefit provided by this Agreement. If it is subsequently determined that payment of
these fees are parachute payments, the Change Entity or the Employer will fully gross-up the
Employee or the Employee’s estate for the income, wage, employment and excise taxes associated with
that payment so that, after all applicable federal, state and local, income, wage, employment and
excise taxes (plus any assessed interest and penalties), the Employee or the Employee’s estate will
have incurred no liability (either for these fees or the taxes just listed) with respect to the
matters encompassed in this paragraph. Any legal, accounting and actuarial fees and expenses being
reimbursed must relate to a claim brought during the lifetime of the Employee or the existence of
the Employee’s estate arising from the alleged breach of any obligation of Employer under this
Agreement and the reimbursement or payment is subject to the following: (a) the amount eligible for
reimbursement during any taxable year of the Employee of the Employee’s estate may not affect the
amount eligible for reimbursement in any other taxable year of the Employee or the Employee’s
estate; (b) any reimbursement must be made on or before the last day of the Employee’s or the
Employee’s estate’s taxable year following the taxable year in which the cost was incurred; and (c)
the right to reimbursement for such costs

-14-

 

may not be subject to liquidation or exchange for another benefit. Any gross-up payment of
taxes shall be made by the end of the taxable year following the year in which the Employee or the
Employee’s estate remits the taxes being grossed-up.

     9. Obligations. By signing this Agreement, the Employee agrees to be bound by and to
comply with the following restrictions, whether or not the Employee also receives the compensation
and benefits described in paragraph 6.

          (a) For a period of twelve (12) full calendar months after the Employee’s employment
terminates for any reason described in paragraph 6(a), he will not directly or indirectly engage
in, assist or have an active interest in (whether as proprietor, partner, investor, shareholder,
officer, director or any type of principal whatsoever) or enter the employment of or act as agent
for or adviser or consultant to any person or entity who is (or is about to become) engaged in any
business that competes with the Company or in any national banking association with deposits in
excess of $5.0 billion anywhere in the state of Ohio and in any county in Pennsylvania (or any
other state) in which FirstMerit has an office or branch on the date of termination. The Company
and the Employee expressly agree that a portion of the consideration described in paragraph 6 is
allocable to the non-competition covenant described in this paragraph 9(a) and that the amount so
allocated shall reduce the amount of any “parachute payment” (within the meaning of Section 280G of
the Code) to which the Employee may be entitled under this Agreement. Notwithstanding the
foregoing, to the extent that any applicable law prohibits allocation of all or any portion of the
consideration described in this paragraph 6 to the non-competition covenant described in this
Paragraph 9(a) such that the amount so allocated reduces the amount of any parachute payment to
which the Executive may be entitled under this Agreement, the non-competition covenant described in
this Section 9(a) shall not apply to the Employee.

          (b) If any “person” (as used in paragraphs 2(b) and 2(c)) initiates a tender or exchange
offer, distributes proxy materials to the Company’s shareholders or takes other steps to effect, or
that may result in, a Change in Control, the Employee agrees not to terminate employment
voluntarily during the pendency of that activity (other than by reason of termination after
reaching retirement age or Disability or for Good Reason) and to continue to serve as a full-time
employee until those efforts are abandoned, that activity is terminated or until a Change in
Control has occurred.

          (c) Except as otherwise required by applicable law, Employee expressly agrees to keep and
maintain Confidential Information (as defined in paragraph 4(b)) confidential and not, at any time
during or subsequent to the Employee’s employment, to use any Confidential Information for
Employee’s own benefit or to divulge, disclose or communicate any Confidential Information to any
person or entity in any manner except (i) to employees or agents of the Company, any Subsidiary,
the Change Entity and any Related Entity that need the Confidential Information to perform their
duties on behalf of the Company, any Subsidiary, the Change Entity and any Related Entity, (ii) in
the performance of Employee’s duties, (iii) as a necessary (and only to the extent necessary) part
of any undertaking by the Employee to enforce the Employee’s rights under this Agreement or (iv)
pursuant to a subpoena. Employee also agrees to notify the Company, before a Change in Control
and, after a Change in Control, the Change Entity promptly of any circumstance Employee believes
may legally compel the

-15-

 

disclosure of Confidential Information and to give this notice before disclosing any
Confidential Information.

          (d) The Employee agrees that during and after employment and without additional compensation
(other than reimbursement for reasonable associated expenses, which shall be made consistent with
the Employer’s normal policy relating to the reimbursement of expenses) to cooperate with the
Company, any Subsidiary, the Change Entity and any Related Entity in the following areas:

          (i) the Employee agrees (w) to be reasonably available to answer questions for the
Company’s, any Subsidiary’s, the Change Entity’s and any Related Entity’s officers regarding
any matter, project, initiative or effort for which the Employee was responsible while
employed by the Employer and (x) to cooperate with the Company, any Subsidiary, the Change
Entity and any Related Entity during the course of all third-party proceedings arising out
of the Company’s, any Subsidiary’s, the Change Entity’s or any Related Entity’s business
about which the Employee has knowledge or information. For purposes of this Agreement, (y)
“proceedings” includes internal investigations, administrative investigations or proceedings
and lawsuits (including pre-trial discovery and trial testimony) and (z) “cooperation”
includes the Employee’s being reasonably available for interviews, meetings, depositions,
hearings and/or trials without the need for subpoena or assurances by the Company, any
Subsidiary, the Change Entity or any Related Entity providing any and all documents in the
Employee’s possession that relate to the proceeding and providing assistance in locating any
and all relevant notes and/or documents.

          (ii) unless compelled to do so by lawfully-served subpoena or court order, the Employee
agrees not to communicate with, or give statements or testimony to, any attorney
representing an interest opposed to the Company’s, any Subsidiary’s, the Change Entity’s or
any Related Entity’s interest (“Opposing Attorney”), Opposing Attorney’s representative
(including private investigators) or current or former employee relating to any matter
(including pending or threatened lawsuits or administrative investigations) about which the
Employee has knowledge or information (other than knowledge or information that is not
Confidential Information as defined in paragraph 4(b)) as a result of employment with the
Company, any Subsidiary, the Change Entity or any Related Entity. The Employee also agrees
to notify the Employer after being contacted by a third party or receiving a subpoena or
court order to appear and testify with respect to any matter that may include a claim
opposed to the Company’s, any Subsidiary’s, the Change Entity’s or any Related Entity’s
interest. However, this subsection will not apply to any effort undertaken by the Employee
to enforce the Employee’s rights under this Agreement but only to the extent necessary for
that purpose.

          (iii) the Employee agrees not to communicate with, or give statements to, any member of
the media (including print, television or radio media) relating to any matter (including
pending or threatened lawsuits or administrative investigations) about which the Employee
has knowledge or information (other than knowledge or information that is not Confidential
Information as defined in paragraph 4(b)) as a result of employment with the Company, before
a Change in Control, or, after a Change in

-16-

 

Control, the Change Entity immediately after being contacted by any member of the media
with respect to any matter affected by this section.

     (e) The Employee, the Company, any Subsidiary, the Change Entity and any Related Entity agree
that none will make any disparaging remarks about the others. However, this restriction will not
preclude (i) remarks by any employee made in the normal course of business, (ii) remarks by the
Employee that are required to discharge the Employee’s regular duties or other duties described in
this Agreement, (iii) the Company, any Subsidiary, the Change Entity or any Related Entity from
making (or eliciting from any person) disparaging remarks about the Employee concerning any conduct
that may lead to a termination for Cause (including initiating an inquiry or investigation that may
result in a termination for Cause), but only to the extent reasonably necessary to investigate the
Employee’s conduct and to protect the Company’s, any Subsidiary’s, the Change Entity’s and any
Related Entity’s interests or (iv) any remarks made by any party that are necessary (but only to
the extent necessary) to resolve any dispute arising under this Agreement and that are made solely
in the context of proceeding undertaken pursuant to paragraph 11.

     (f) If the Employee breaches any obligation described in this Agreement:

          (i) If that breach occurs before a Change in Control, this Agreement will terminate as
of the date of the breach, even if the fact of the breach becomes apparent at a later date
and no amounts will be due under this Agreement;

          (ii) If that breach occurs after a Change in Control but before the Employee has
terminated, this Agreement will terminate as of the date of the breach, even if the fact of
the breach becomes apparent at a later date, and no amounts will be due under this
Agreement; or

          (iii) If that breach occurs after a Change in Control and after the Employee terminates
employment, (y) the Change Entity will be entitled to treat the Employee as having
terminated for Cause and (z) Employee will repay the amounts already received in paragraph 6
plus interest calculated with reference to the mid-term applicable federal rate [as defined
in Section 1274(d) of the Code] for January 1 of each calendar year, compounded annually
until paid and will be entitled to no further amounts under this Agreement.

     10. Term of Agreement. The Term of this Agreement shall be from the Effective Date
through the last day of the calendar month which is the number of months listed in Item 10 on
Exhibit A beginning after a Change in Control (“Termination Date”). Nevertheless, this Agreement
will terminate on the earliest of the following to occur:

          (a) Except as provided in paragraph 6, the Employee’s employment with the Company or any
Subsidiary, before a Change in Control, or, after a Change in Control, the Change Entity or any
Related Entity terminates before the beginning of the Protection Period;

          (b) Before the beginning of a Protection Period, the Employee is reassigned to a more junior
position than that held on the date of this Agreement; however, if the more junior position is in
an employee classification, the majority of whose members have change in control

-17-

 

termination agreements (or analogous agreements, other than a Displacement Agreement), this
Agreement will remain in effect, although benefit levels will automatically be adjusted to the
level established under those agreements;

          (c) The Employee mutually agrees, in writing, to terminate this Agreement, whether or not it
is replaced with a similar agreement;

          (d) The Company notifies the Employee, in writing, that the Agreement is to terminate at the
end of its then current term. To be effective, however, this written notice (i) must be given no
later than 60 consecutive calendar days before the end of the then current term but (ii) may never
be effective during a Protection Period, although a notice of termination of this Agreement given
during the portion of the Protection Period before a Change in Control may be effective if a Change
in Control does not occur; or

          (e) All payments due under this Agreement have been fully paid.

     However this Agreement will not terminate if, before the beginning of or during a Protection
Period, the Employee is reassigned to a more senior position than that held on the date of this
Agreement. In this case, the Agreement will remain in effect, although the benefit levels will
automatically be adjusted to the level established for other employees assigned to that
classification or, if there is no other employee in that classification, to the highest level in
effect under this Agreement.

     11. Dispute Resolution. Any disagreement concerning the calculation of any payment
due under this Agreement that is not resolved by agreement between the parties (or by the
independent accounting or compensation consulting company described in paragraph 7 with reference
to matters described in that paragraph) or other dispute or controversy arising out of or relating
to this Agreement that is not resolved by agreement between the parties, including the basis on
which the Employee’s employment is terminated, will be resolved by arbitration in accordance with
the rules of the American Arbitration Association. The award of the arbitrator will be final,
conclusive and nonappealable and judgment upon the award rendered by the arbitrator may be entered
in any court having competent jurisdiction. The arbitrator must be an arbitrator qualified to
serve in accordance with the rules of the American Arbitration Association and one who is approved
by the Company, before a Change in Control, or, after a Change in Control, the Change Entity and
the Employee. If the Employee and the Company, before a Change in Control, or, after a Change in
Control, the Change Entity fail to agree on an arbitrator, each must designate a person qualified
to serve as an arbitrator in accordance with the rules of the American Arbitration Association and
these persons will select the arbitrator from among those persons qualified to serve in accordance
with the rules of the American Arbitration Association. Any arbitration relating to this Agreement
will be held in Summit County, Ohio (or other geographical area acceptable to the parties).

     The Company, before a Change in Control, or, after a Change in Control, the Change Entity or
any Related Entity will bear all reasonable costs associated with any dispute arising under this
Agreement, including reasonable accounting and legal fees incurred by the Employee in connection
with the arbitration proceedings just described. If it is subsequently determined that payment of
these costs are parachute payments, the Company, before a Change in Control,

-18-

 

or, after a Change in Control, the Change Entity will fully gross-up the Employee for the
income, wage, employment and excise taxes associated with that payment so that, after all
applicable federal, state and local, income, wage, employment and excise taxes (plus any assessed
interest and penalties), the Employee will have incurred no liability (either for these fees or the
taxes just listed) with respect to the matters encompassed in this paragraph. The treatment of
payments or reimbursements and gross-ups pursuant to this paragraph are described in paragraph 8.

     If otherwise due, payments not being contested under the procedures described in this
paragraph will not be deferred during the pendency of procedures described in this paragraph.

     If the arbitrator decides, at the conclusion of the arbitration proceedings described in this
paragraph, that the Company, before a Change in Control, or, after a Change in Control, the Change
Entity has understated the amount due under this Agreement, the Company, before a Change in
Control, or, after a Change in Control, the Change Entity will, subject to application of paragraph
7 to the aggregate of the amount initially paid under paragraph 6 and the additional award, pay the
additional amount, if any, to the Employee within 30 days after the date of the award along with
interest calculated at the interest rate prescribed by the arbitrator. However, if, after
application of paragraph 7 to the arbitrator’s award, the net amount due to the Employee would not
increase, no amounts will be paid under this subsection, regardless of the arbitrator’s award.

     12. Notice. For the purposes of this Agreement, notices and all other communications
provided for in this Agreement shall be in writing and shall be deemed to have been duly given when
delivered or mailed by certified or registered mail, return receipt requested, postage prepaid,
provided that all notices to the Company or any Subsidiary, before a Change in Control, or, after a
Change in Control, the Change Entity, the Employer or any Related Entity shall be directed to the
attention of the President of the Company with a copy to the Secretary of the Company, before a
Change in Control or, after a Change in Control, to the President of the Change Entity with a copy
to the Secretary of the Change Entity (or, in the case of the President, directed to the notice of
the Chairman of the Board of the Company, before a Change in Control, or, after a Change in
Control, to the Chairman of the board of directors of the Change Entity with a copy to the
Secretary of the Change Entity), or to such other address as either party may have furnished to the
other in writing in accordance herewith, except that notice of change of address shall be effective
only upon receipt. If the last address given by the Employee is not current, the Employer will use
reasonable means to locate the Employee.

     13. Miscellaneous.

          (a) No provisions of this Agreement may be modified, waived or discharged unless such waiver,
modification or discharge is agreed to in writing and signed by the Employee and such officer as
may be specifically designated by the Board or the board of directors of the Change Entity. No
waiver by either party hereto at any time of any breach by the other party hereto of, or compliance
with, any condition or provision of this Agreement to be performed by such other party shall be
deemed a waiver of similar provisions or conditions at the same or at any prior or subsequent time.

-19-

 

          (b) This Agreement is intended to replace and supersede the existing Change in Control
Termination Agreement between the Company and the Employee, which prior agreement shall become
invalid as of the date of signing of this Agreement. No agreements or representations, oral or
otherwise, express or implied, with respect to the subject matter hereof have been made by either
party which are not expressly set forth in this Agreement; provided, however, that this Agreement
shall not supersede or in any way limit the rights, duties or obligations the Employee may have
under any other written agreement with the Company or any Subsidiary, the Change Entity, the
Employer or any Related Entity that are not inconsistent with the terms of this Agreement.

          (c) Except as expressly provided in this Agreement, the Employee’s right to receive the
payments described in this Agreement will not decrease the amount of, or otherwise adversely
affect, any other benefits payable to the Employee under any other plan, agreement or arrangement.

          (d) The Employee is not required to mitigate the amount of any payment described in this
Agreement by seeking other employment or otherwise, nor will the amount of any payment or benefit
provided for in this Agreement be reduced by any compensation or benefits the Employee earns, or is
entitled to receive, in any capacity after termination or by reason of the Employee’s receipt of or
right to receive any retirement or other benefits attributable to employment.

          (e) Except as expressly provided elsewhere in this Agreement, the amount of any payment made
under this Agreement will be reduced by amounts the Employer is required to withhold in payment (or
in anticipation of payment) of any income, wage or employment taxes imposed on the payment.

          (f) The right of an Employee or any other person to receive any amount under this Agreement
may not be assigned, transferred, pledged or encumbered except by will or by applicable laws of
descent and distribution. Any attempt to assign, transfer, pledge or encumber any amount that is
or may be receivable under this Agreement will be null and void and of no legal effect. However,
this paragraph will not preclude payment under paragraph 13(g) of any benefit to which a deceased
Employee is entitled.

          (g) Subject to the preceding subparagraph (f), this Agreement inures to the benefit of and may
be enforced by the Employee’s personal or legal representatives, executors, administrators,
successors, heirs, distributees, devisees and legatees.

          (h) If:

          (i) the Employee’s employment relationship shifts between the Company and any
Subsidiary before a Change in Control or after a Change in Control, between the Change
Entity and any Related Entity and there has been no intervening termination, this Agreement
will remain in full force and effect and for all purposes of this Agreement, the Employee’s
new employer will be substituted for the Employee’s prior employer.

-20-

 

          (ii) if the Employee’s employer is no longer a Subsidiary, whether or not as part of a
transaction that constitutes a Change in Control, this Agreement will remain in full force
and effect. However, the Employee will not be entitled to any amount under this Agreement
on account of a Change in Control that solely affects the Company after that transfer and is
not part of the same transaction through which the employer stopped being a Subsidiary.

     14. Validity. The validity or unenforceability of any provisions of this Agreement
shall not affect the validity or enforceability of any other provisions of this Agreement, which
shall remain in full force and effect. The validity, interpretation, construction and performance
of this Agreement shall be governed by the laws (other than the laws of conflict of laws) of the
State of Ohio.

     15. Counterparts. This Agreement may be executed in one or more counterparts, each of
which shall be deemed to be an original by all of which together will constitute one and the same
instrument.

     16. Section 409A of the Code. This Agreement is intended to comply with the
requirements of Section 409A of the Code, and, to the maximum extent permitted by law, shall be
interpreted, construed and administered consistent with this intent. None of the Company, the
Employer, any Related Entity, the Change Entity, the Board or any other person shall have liability
in the event this Agreement fails to comply with the requirements of Section 409A of the Code.
Nothing in this Agreement shall be construed as the guarantee of any particular tax treatment to
the Employee.

-21-

 

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date above first
written.

	 	 	 	 	 	 	 
	 	 	FirstMerit Corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Christopher J. Maurer,
	 	 
	 

	 	 	 	Executive Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	Employee:	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 
	 	 	(Signature)	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 
	 	 	(Printed Name)	 	 

-22-

 

Amended and Restated

Change in Control Termination Agreement

(Tier I/2008 SERP)

Exhibit A

	 	 	 	 	 
	Name of Executive:
	 	 	 	 
	 
	 	 	 	 
	Item 6(c)(ii): Multiplied By:

	 	 	 	(insert number)
	 
	 	 	 	 
	Item 6(c)(iii): Multiplied By:

	 	 	 	(insert number)
	 
	 	 	 	 
	Item 6(c)(v):

	 	 	 	(insert number of months)
	 
	 	 	 	 
	Item 6(c)(vii): Outplacement Fee:

	 	$[insert]	 	 
	 
	 	 	 	 
	Item 10:

	 	 	 	(insert number of months, not to exceed 24)

-23-EX-10.27

Exhibit 10.27

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

BY AND BETWEEN

FIRSTMERIT CORPORATION

AND

PAUL GREIG

Effective May 15, 2006, (“Employment Date”) FirstMerit Corporation (“Corporation”), an Ohio
corporation, and Paul Greig (“Executive”), collectively, the “Parties,” entered into an employment
agreement to describe the terms and conditions of the Executive’s employment with the Corporation.
Effective January 8th, 2009 (“Effective Date”), the Parties adopt this amended and restated version
of the employment agreement (as previously amended and restated from time to time) (“Agreement”).
By signing this Agreement, the Executive specifically represents that he is fully able to assume
the duties described in this Agreement and is under no obligation or condition that would prevent
him from doing so.

ARTICLE 1 TERM OF AGREEMENT

This Agreement will remain in effect from the Effective Date until May 31, 2009 (“Initial Term”),
unless it terminates at an earlier date as provided in this Agreement or unless, before June 1,
2008, either Party delivers to the other a written “Notice of Intent Not To Renew” specifying the
date this Agreement will terminate. If a Notice of Intent Not To Renew is delivered before June 1,
2008, this Agreement will expire at the end of the Initial Term. However, if a Notice of Intent
Not To Renew is not delivered before June 1, 2008, this Agreement will continue for additional one
year periods (“Additional One-Year Terms”) unless either party delivers to the other a written
Notice of Intent Not To Renew at least twelve (12) months before the beginning of the then
Additional One-Year Term. For purposes of this Agreement, the Initial Term and any Additional
One-Year Terms will be referred to collectively as the “Term.” Section 5.07 will apply to any
termination of this Agreement through a Notice of Intent Not To Renew.

ARTICLE 2 EXECUTIVE’S DUTIES

2.01 During the Term, the Executive agrees:

[1] To serve as President and Chief Executive Officer of the Corporation and to perform the
services customarily performed by persons in a similar executive capacity.

[2] Subject to Section 5.05, to discharge any other duties and responsibilities that the
Corporation’s Board of Directors (“Board”) assigns to him from time to time.

[3] To serve as an officer and, if elected, as a director of the Corporation, and of any
other entity that is related through common ownership to the Corporation. For purposes of
this Agreement, the Corporation and all entities related through common ownership to the
Corporation are individually called “Group Members” and collectively are called the “Group.”

 

 

[4] Except for periods of absence because of illness, vacations of reasonable duration and
any leaves of absence approved by the Board or during the pendency of any disputes arising
under Sections 5.04 and 5.05, to:

[a] Devote his full attention and energies to promoting the Group’s business;

[b] Fulfill the obligations described in this Agreement; and

[c] Exercise the highest degree of loyalty and the highest standards of conduct in
the performance of his duties.

[5] In addition to the obligations described in Article 6, not to engage in any other
business activity, whether or not for gain, profit or other pecuniary advantage, that does
not involve promoting the Corporation’s, the Group’s or any Group Member’s business.
However, the Executive may serve as a director of companies that are not Group Members if
that service:

[a] Does not violate any term or condition of this Agreement;

[b] Does not injure the Group or any Group Member;

[c] Is not prohibited by law or by rules adopted by any Group Member; and

[d] Is approved in advance by the Board.

2.02 The restrictions described in Section 2.01[5] will not be construed to prevent the Executive
from:

[1] Investing his personal assets in [a] businesses that do not compete or do business with
any Group Member and do not require the Executive to perform any services connected with the
operation or affairs of the businesses in which the investment is made or [b] stocks or
corporate securities described in Section 6.02 but subject to the limits described in that
section; or

[2] Participating in, or serving as a trustee or director of, civic and charitable
organizations or activities, but only if this activity does not materially interfere with
the performance of his duties under this Agreement.

2.03 The Executive will report directly and solely to the Board.

ARTICLE 3 EXECUTIVE’S COMPENSATION

3.01 During the Term and subject to this section and to Article 5:

[1] The Corporation will pay to the Executive a “Base Salary” at an annualized rate of Six
Hundred Eighty-nine Thousand Thirty-seven Dollars and Thirty-six Cents ($689,037.36),
prorated to reflect partial calendar months and years of employment and

2

 

paid in installments that correspond with the Corporation’s normal payroll practices, but in
any event not less frequently than monthly. During the Term, Base Salary will not be
reduced below Six Hundred Eighty-nine Thousand Thirty-seven Dollars and Thirty-six Cents
($689,037.36) without the Executive’s written consent but may be increased during the Term
at the discretion of the Board. In the event Base Salary is increased, the increased Base
Salary will not be reduced below that amount without the Executive’s written consent.

[2] The Executive may participate in any long-term or short-term cash bonus program that the
Corporation adopts or maintains for its senior executives and will be assigned a target
bonus of no less than one hundred percent (100%) of his Base Salary. Except for the
commitment just made, the amount of and conditions placed on the Executive’s participation
in these programs and on the bonus amount will be established by the Board’s Compensation
Committee subject to the terms of the plan or program through which it may be earned and
other related documents and procedures governing that grant. In the event that the
conditions of the programs are met and a bonus payment is earned, any payment under this
Section 3.01[2] will be paid to the Executive in accordance with the terms of the program
through which it was earned.

[3] The Executive may participate in the health, welfare and retirement benefit programs
(whether or not tax-qualified) provided to the Corporation’s senior executives (subject to
the terms and conditions of the programs, a description of each of which has been given to
the Executive), as these programs may from time to time be amended or modified by the Board
or the Board’s Compensation Committee. The Corporation will provide long-term disability
insurance which will provide benefits payable in the event that the Executive is disabled,
as that term is defined by the insurance policy, during employment. The amount of the long
term disability benefit will equal two thirds of the Executive’s most recently paid annual
Base Salary and bonus, but will not exceed Six Hundred Eighty-four Thousand Dollars
($684,000.00) annually.

[4] The Executive will receive the perquisites that are made available to the Corporation’s
other senior executives (and will receive twenty-nine (29) paid time-off days under the
Corporation’s paid-time-off program). Also, the Corporation will pay the initiation fees
and monthly dues associated with the Executive’s membership fees in one country club located
within fifteen (15) miles of the Corporation’s headquarters. Except as provided in Article
4, the Executive will be personally responsible for any costs associated with his use of
these country club facilities.

[5] The Executive will be eligible to participate in any equity compensation plan subject to
the terms of that plan and to the extent deemed appropriate by the Board’s Compensation
Committee.

3.02 Subject to its availability at standard rates, the Corporation will reimburse the Executive
each year for the annual premiums he incurs upon his acquisition of a variable, whole life
insurance policy with a face value of one million five hundred thousand dollars ($1,500,000) and
also will distribute to the Executive forty percent (40%) of the amount of any premiums taxable

3

 

to him on account of this policy. Such reimbursements and payments shall be made to the Executive
on or before December 31 of the year in which the premiums are incurred. The Executive will be the
owner of the policy and the Corporation will have no interest in the policy or its proceeds.
Except as specifically provided in Article 5, no further payments will be due from the Corporation
under this Section 3.02 following the Executive’s termination of employment with the Corporation.

ARTICLE 4 BUSINESS-RELATED EXPENSES

The Corporation will pay (or reimburse) the Executive for all reasonable, ordinary and necessary
expenses that he incurs to perform his duties under this Agreement. Reimbursement will be made
within thirty (30) days after the date such expenses are incurred, provided the Executive submits
appropriate evidence of the expenditure (and all other information required under the Corporation’s
business expense reimbursement policy) to the Corporation and otherwise complies with reimbursement
procedures the Corporation applies to its other senior executives.

ARTICLE 5 TERMINATION OF EMPLOYMENT DURING TERM OF AGREEMENT

Wherever used in this article, except in connection with death, the word “terminate” or
“termination” in connection with the Executive’s employment shall mean a “separation from service”
of the Executive from the Corporation within the meaning of Section 409A of the Internal Revenue
Code of 1986, as amended (“Code”), and Treasury Regulation Section 1.409A-1(h).

5.01 Termination of Employment Due to Death or Disability. The Executive’s employment will
terminate upon his death. In addition, the Corporation or the Executive may terminate the
Executive’s employment due to the Executive’s Disability (as defined in Section 5.01[3]) at any
time during the Term by giving the other party written notice of its intention to do so. The terms
of this section will apply if the Executive dies or his employment is terminated due to Disability
during the Term and before a written notice of termination is given under any other section of this
Agreement. However, if the Executive dies or becomes disabled after a written notice of
termination has been given under any other section of this article (and while that notice is still
in effect), he or his beneficiary will receive the amounts calculated under such section, but only
if the payments described in that section would have been due if the Executive had not died or
become disabled, determined as if any “cure period” had expired on the day before the date the
Executive dies or becomes disabled.

[1] This Agreement and the Executive’s employment will terminate as of the date the
Executive dies or the Corporation or Executive terminates the Executive’s employment due to
the Executive’s Disability and the Corporation will pay or cause to be paid to the Executive
(or to his beneficiary if the Executive is dead):

[a] Any unpaid installments of his Base Salary, calculated through the date his
employment is terminated due to his death or Disability; and

[b] Any bonus earned with respect to the previous year but not yet paid; and

4

 

[c] The pro rata portion of a bonus for the current year, determined by multiplying
the “target” cash bonus amount most recently established by a fraction, the
numerator of which is the number of days in the calendar year preceding the date his
employment is terminated due to his death or Disability and the denominator of which
is three hundred sixty-five (365); and

[d] Any amounts the Executive is entitled to receive under the terms of any employee
benefit plan described in Section 3.01[3].

[2] If the Executive’s employment is terminated due to his death or Disability, all the
Executive’s outstanding stock options and other cash and equity incentive grants will be
exercisable (or applicable restrictions will lapse) to the extent provided under the terms
relating to terminations of employment for similar reasons contained in the plan and the
award agreement through which they were granted or as otherwise provided in Section 5.06.

[3] “Disability” or “Disabled” has the same meaning given to the term “disability” under the
Corporation’s long-term disability plan as in effect on May 15, 2006, whether or not the
Executive participated in that plan on June 5, 2006 (“Employment Date”), or subsequently and
whether or not that plan is amended or terminated before the Executive’s Disability arises.

[4] Except as otherwise provided in the program through which they are paid or in the
Agreement, all amounts payable under this section will be:

[a] Paid within thirty (30) days of the Executive’s death or the date the
Executive’s employment is terminated due to Disability; and

[b] If the Executive’s employment is terminated due to Disability but he dies before
all payments due under this section have been paid, the unpaid amount will be paid
to the Executive’s beneficiary under the procedures described in Section 10.07.

5.02 Voluntary Termination of Employment Without Good Reason. The Executive may voluntarily
terminate his employment at any time during the Term without Good Reason (as defined in Section
5.05[6]) by giving the Corporation written notice of his intention to do so. This notice will be
effective one hundred eighty (180) days after it is given unless the Parties mutually agree to
accelerate this termination date (“Voluntary Termination Date”). If the Executive voluntarily
terminates his employment without Good Reason (including initiating a termination on account of
retirement), the terms of this section will apply regardless of any other event (other than as
provided in Section 5.06) that occurs after the delivery of the notice of intent to terminate
without Good Reason.

[1] This Agreement and the Executive’s employment will terminate on the Voluntary
Termination Date and the Corporation will pay or cause to be paid to the Executive the sum
of:

5

 

[a] Any unpaid installments of his Base Salary, calculated through the Voluntary
Termination Date; and

[b] Any amounts the Executive is entitled to receive under the terms of any employee
benefit plan described in Section 3.01[3].

For purposes of this Agreement, a termination initiated by the Executive after qualifying
for retirement under any deferred compensation plan (whether or not tax-qualified)
maintained by the Corporation will be treated as a voluntary termination under this section.

[2] If the Executive’s employment terminates under this Section 5.02, all the Executive’s
outstanding stock options and other cash and equity incentive grants will be exercisable (or
applicable restrictions will lapse) to the extent provided under the terms relating to
terminations of employment for similar reasons contained in the plan and the award agreement
through which they were granted or as otherwise provided in Section 5.06.

[3] Except as otherwise provided in the program through which they are paid or in the
Agreement, all amounts payable under this section will be:

[a] Paid within thirty (30) days of the Voluntary Termination Date; and

[b] If the Executive dies before all payments due under this section have been paid,
the unpaid amount will be paid to the Executive’s beneficiary under the procedures
described in Section 10.07.

5.03 Termination of Employment by Corporation Without Cause. The Corporation may terminate the
Executive’s employment without Cause (as defined in Section 5.04[4]) at any time during the Term by
giving the Executive written notice of its intention to do so. This notice will be effective
ninety (90) days after it is given unless the Parties mutually agree to accelerate this termination
date (“Involuntary Termination Date”) and the terms of this section will apply regardless of any
other event (other than as provided in Section 5.06) that occurs after the delivery of the notice
of intent to terminate the Executive without Cause.

[1] This Agreement and the Executive’s employment will terminate as of the Involuntary
Termination Date.

[2] The Corporation will pay or cause to be paid or made available to the Executive:

[a] Any unpaid installments of his Base Salary, calculated through the Involuntary
Termination Date;

[b] The value of any accrued but unused paid-time-off, calculated under the terms of
the Corporation’s paid-time-off policy for similar events;

6

 

[c] Continuation of Base Salary at the rate then in effect for twelve (12) months,
paid in accordance with the Corporation’s normal payroll procedures beginning on the
Involuntary Termination Date;

[d] A lump sum payment (less lawful payroll deductions and taxes) equal to the
“target” cash bonus amount most recently established before the Involuntary
Termination Date;

[e] In addition to the payments described in Section 5.03[2][c], continuation of
Base Salary for twenty-four (24) months, paid in accordance with the Corporation’s
normal payroll procedures beginning on the Involuntary Termination Date in
consideration of the obligations assumed under Article 6. In the event the
Executive breaches the obligations contained under Article 6, the obligation to pay
continuation of Base Salary under this Section 5.03[2][e] will terminate;

[f] In addition to the payment described in Section 5.03[2][d], lump sum payments
(less lawful payroll deductions and taxes) within five (5) days after the first and
second anniversaries of the Involuntary Termination Date each equal to the “target”
cash bonus amount most recently established before the Involuntary Termination Date
and also in consideration of the obligations assumed under Article 6. In the event
the Executive breaches the obligations contained under Article 6, the obligation to
pay the lump sum payments under this Section 5.03[2][f] will terminate;

[g] At the Corporation’s expense, continuation of medical and dental coverage for
thirty-six (36) months beginning on the Involuntary Termination Date at a level
equivalent to that provided before the Involuntary Termination Date; provided that,
with respect to the last eighteen (18) months of such coverage, [i] the benefits
provided during the Executive’s taxable year may not affect the benefits to be
provided to the Executive in any other taxable year, [ii] reimbursement of any
eligible expense must be made on or before the last day of the Executive’s taxable
year following the taxable year in which the expense was incurred and [iii] the
right to such continued coverage is not subject to liquidation or exchange for
another benefit. The applicable Consolidated Omnibus Budget Reconciliation Act
(“COBRA”) health insurance benefit continuation period shall begin coincident with
the beginning of this benefit continuation period; and

[h] At the Corporation’s expense, continuation of the premium reimbursement (and the
additional forty percent (40%) payment) described in Section 3.02 for the remainder
of the Executive’s taxable year during which the Involuntary Termination Date occurs
and for three (3) additional taxable years thereafter. Any reimbursement pursuant
to this Section 5.03[2][h] shall be made on or before the last day of the
Executive’s taxable year following the taxable year in which the applicable premium
cost is incurred. The premium costs eligible for reimbursement under this Section
5.03[2][h] during any taxable year may not

7

 

affect any expenses eligible for reimbursement in any other taxable year and the
right to such continued coverage is not subject to liquidation or exchange for
another benefit.

[3] If the Executive’s employment terminates under this Section 5.03, all the Executive’s
outstanding stock options and other cash and equity incentive grants will be exercisable (or
applicable restrictions will lapse) to the extent provided under the terms relating to
terminations for similar reasons contained in the plan and the award agreements through
which they were granted or as otherwise provided in Section 5.06.

[4] If the Executive’s employment terminates under this Section 5.03, the Executive will
receive any other benefits he is entitled to receive under the terms of any benefit program
described in Section 3.01[3].

[5] Except as otherwise provided in the program through which they are paid or in the
Agreement, all amounts payable under this section will be:

[a] Paid within thirty (30) days of the Involuntary Termination Date; and

[b] If the Executive dies before all payments due under this section have been paid,
the unpaid amounts will be paid to the Executive’s beneficiary under the procedures
described in Section 10.07.

It is specifically understood that delivery of a Notice of Intent Not To Renew by the Corporation
under Article 1 is not itself a notice of involuntary termination without Cause under this section.

5.04 Termination of Employment by Corporation for Cause. The Corporation may terminate the
Executive’s employment for Cause at any time during the Term by giving the Executive written notice
of its intention to do so. This notice will be effective on the date it is given (“For Cause
Termination Date”). If this notice is given, the terms of this section will apply regardless of
any other event that may occur after the delivery of the written notice of termination for Cause.

[1] This Agreement and the Executive’s employment will terminate as of the For Cause
Termination Date.

[2] The Corporation will pay or cause to be paid or made available to the Executive:

[a] Any unpaid installments of his Base Salary, calculated through the For Cause
Termination Date; and

[b] Any amounts the Executive is entitled to receive under the terms of any employee
benefit plan described in Section 3.01[3].

[3] If the Executive’s employment is terminated for Cause, all the Executive’s outstanding
stock options and other cash and equity incentive grants will be exercisable (or applicable
restrictions will lapse) to the extent provided under the terms relating to

8

 

terminations of employment for similar reasons contained in the plan and the award
agreements through which they were granted or as otherwise provided in Section 5.06.

[4] “Cause” means one or more of the following acts of the Executive:

[a] Any act of fraud, intentional misrepresentation, embezzlement, misappropriation
or conversion by the Executive of the assets or business opportunities of the Group,
the Corporation or any Group Member;

[b] Conviction of the Executive of (or plea by the Executive of guilty to) a felony
(or a misdemeanor that originally was charged as a felony but was reduced to a
misdemeanor as part of a plea bargain) or intentional and repeated violations by the
Executive of the Corporation’s written policies or procedures;

[c] Disclosure, other than through mere inadvertence or other than acting in the
course and scope of duties or pursuant to a subpoena, to unauthorized persons of any
Confidential Information (as defined below);

[d] Intentional and material breach of any contract with or violation of any legal
obligation owed to the Group, the Corporation or any Group Member provided that a
breach shall be considered intentional and material only if the Executive fails to
cure to the best of the Executive’s ability such breach within thirty (30) days
after delivery to the Executive of a notice from the Board specifying such breach;

[e] The Executive’s [i] willful and intentional failure to materially comply (to the
best of his ability) with a specific, written direction of the Board that is
consistent with normal business practice and not inconsistent with this Agreement
and the Executive’s responsibilities hereunder, provided that a failure shall be
considered willful only if the Executive fails to cure to the best of the
Executive’s ability any such failure to materially comply with such written
direction of the Board within thirty (30) days after delivery to the Executive of a
notice from the Board specifying any such failure; and further provided that any
such failure shall not be deemed willful or intentional if based on the Executive’s
good faith belief, as expressed by written notice to the Board given within thirty
(30) days after such failure, that the implementation of such direction of the Board
would be unlawful or unethical and such notice is accompanied by the opinion of
nationally recognized corporate counsel that such implementation would be unlawful
or unethical, [ii] willful engagement in gross misconduct materially and
demonstrably injurious to the Group, the Corporation or any Group Member or [iii]
material breach of this Agreement, provided that such breach is not cured within
thirty (30) days after delivery to the Executive of a notice from the Board
requesting cure; or

[f] Any intentional cooperation with any party attempting to effect a Change in
Control (as defined in the Executive’s Change in Control and Displacement

9

 

Agreements) unless [i] the Board has approved or ratified that action before the
Change in Control or [ii] that cooperation is required by law.

However, Cause will not arise solely because the Executive is absent from active employment during
periods of paid-time-off, consistent with the Corporation’s applicable paid-time-off policy,
sickness or illness or while suffering from an incapacity due to physical or mental illness,
including a condition that does or may result in a Disability or other period of absence initiated
by the Executive and approved by the Corporation.

It also is specifically understood that delivery by the Corporation of a Notice of Intent Not To
Renew under Article 1 is not itself a notice of termination for Cause under this section.

The Corporation may not terminate the Executive’s employment for Cause unless:

[i] No fewer than thirty (30) days prior to the For Cause Termination Date, the
Corporation provides the Executive with written notice (the “Notice of
Consideration”) of its intent to consider termination of the Executive’s employment
for Cause, including a detailed description of the specific reasons which form the
basis for such consideration, provided, however, that after providing Notice of
Consideration, the Board may, by the affirmative vote of seventy-five percent (75%)
of its members (excluding for this purpose the Executive if he is a member of the
Board), suspend the Executive with pay until a final determination pursuant to this
Section 5.04 has been made;

[ii] On a date designated in the Notice of Consideration, which date shall be at
least thirty (30) days following the date the Notice of Consideration is provided,
the Executive shall have the opportunity to appear before the Board, with or without
legal representation, at the Executive’s election, to present arguments and evidence
on his own behalf; and

[iii] Following the presentation to the Board as provided in subparagraph [ii] above
or the Executive’s failure to appear before the Board at the date and time specified
in the Notice of Consideration, the Executive may be terminated for Cause only if
the Board, by a seventy-five percent (75%) vote of its members (excluding the
Executive if he is a member of the Board), determines that the actions or inactions
of the Executive specified in the Notice of Consideration occurred, that such
actions or inactions constitute Cause and that the Executive’s employment should
accordingly be terminated for Cause. If the requisite seventy-five percent (75%)
vote under this subparagraph [iii] is not obtained, the Executive will be deemed to
have met the definition of Good Reason as described in Section 5.05[6][j].

[5] “Confidential Information” means any and all information (other than information in the
public domain) related to the Group’s, the Corporation’s or any Group Member’s business,
including all processes, inventions, trade secrets, computer programs, technical data,
drawings or designs, information concerning pricing and pricing policies, marketing

10

 

techniques, plans and forecasts, new product information, information concerning methods and
manner of operations and information relating to the identity and location of all past,
present and prospective customers and suppliers.

[6] Except as otherwise provided in the program through which they are paid or in the
Agreement, all amounts payable under this section will be:

[a] Paid within thirty (30) days of the For Cause Termination Date; and

[b] If the Executive dies before all payments due under this section have been paid,
the unpaid amount will be paid to the Executive’s beneficiary under the procedures
described in Section 10.07.

5.05 Termination of Employment by the Executive for Good Reason. The Executive may terminate his
employment at any time during the Term for Good Reason by giving the Corporation written notice of
his intention to do so. This notice must describe, in reasonable detail, the reasons for which the
Executive believes he has Good Reason to terminate his employment. If, during the ensuing thirty
(30) days or, if shorter, the remainder of the Term (“Cure Period”), the Corporation cures the
condition cited by the Executive, no termination will occur under this section. However, if the
Corporation does not cure the condition cited by the Executive during the Cure Period, this
Agreement will terminate at the end of the Cure Period (“Good Reason Termination Date”) and the
terms of this section will apply regardless of any other event (other than as provided in Section
5.06) that occurs after the delivery of the written notice of intent to terminate for Good Reason.

[1] This Agreement and the Executive’s employment will terminate as of the Good Reason
Termination Date.

[2] The Corporation will pay or cause to be paid or made available to the Executive:

[a] Any unpaid installments of his Base Salary, calculated through the Good Reason
Termination Date;

[b] The value of any accrued but unused paid-time-off, calculated under the terms of
the Corporation’s paid-time-off policy for similar events;

[c] Continuation of Base Salary at the rate then in effect for twelve (12) months,
paid in accordance with the Corporation’s normal payroll procedures beginning on the
Good Reason Termination Date;

[d] A lump sum payment (less lawful payroll deductions and taxes) equal to the
“target” cash bonus amount most recently established before the Good Reason
Termination Date;

[e] In addition to the payments described in Section 5.05[2][c], continuation of
Base Salary for twenty-four (24) months, paid in accordance with the Corporation’s
normal payroll procedures beginning on the Good Reason

11

 

Termination Date and in consideration of the obligations assumed under Article 6.
In the event the Executive breaches the obligations contained under Article 6, the
obligation to pay continuation of Base Salary under this Section 5.05[2][e] will
terminate;

[f] In addition to the payments described in Section 5.05[2][d], lump sum payments
(less lawful payroll deductions and taxes) within five (5) days after the first and
second anniversaries of the Good Reason Termination Date each equal to the “target”
cash bonus amount most recently established before the Good Reason Termination Date
and also in consideration of the obligations assumed under Article 6. In the event
the Executive breaches the obligations contained under Article 6, the obligation to
pay the lump sum payments under this Section 5.05[2][f] will terminate;

[g] At the Corporation’s expense, continuation of medical and dental coverage for
thirty-six (36) months beginning on the Good Reason Termination Date at a level
equivalent to that provided immediately before the Good Reason Termination Date;
provided that, with respect to the last eighteen (18) months of such coverage, [i]
the benefits provided during the Executive’s taxable year may not affect the
benefits to be provided to the Executive in any other taxable year, [ii]
reimbursement of any eligible expense must be made on or before the last day of the
Executive’s taxable year following the taxable year in which the expense was
incurred and [iii] the right to such continued coverage is not subject to
liquidation or exchange for another benefit. The applicable COBRA health insurance
benefit continuation period shall begin coincident with the beginning of this
benefit continuation period; and

[h] At the Corporation’s expense, continuation of the premium reimbursement (and the
additional forty percent (40%) payment) described in Section 3.02 for the remainder
of the Executive’s taxable year during which the Good Reason Termination Date occurs
and for three (3) additional taxable years thereafter. Any reimbursement pursuant
to this Section 5.05[2][h] shall be made on or before the last day of the
Executive’s taxable year following the taxable year in which the applicable premium
cost is incurred. The premium costs eligible for reimbursement under this Section
5.05[2][h] during any taxable year may not affect any expenses eligible for
reimbursement in any other taxable year and the right to such continued coverage is
not subject to liquidation or exchange for another benefit.

[3] If the Executive’s employment terminates under this Section 5.05, all the Executive’s
outstanding stock options and other cash and equity incentive grants will be exercisable (or
applicable restrictions will lapse) to the extent provided under the terms relating to
terminations of employment for similar reasons contained in the plan and the award agreement
through which they were granted or as otherwise provided in Section 5.06.

12

 

[4] If the Executive’s employment terminates under this Section 5.05, the Executive will
receive any other benefits he is entitled to receive under the terms of any benefit program
described in Section 3.01[3].

[5] Except as otherwise provided in the program through which they are paid or in the
Agreement, all amounts payable under this section will be:

[a] Paid within thirty (30) days of the Good Reason Termination Date; and

[b] If the Executive dies before all payments due under this section have been paid,
the unpaid amounts will be paid to the Executive’s beneficiary under the procedures
described in Section 10.07.

[6] “Good Reason” means any of the following to which the Executive has not consented in
writing:

[a] Any breach of this Agreement by or on behalf of the Group, the Corporation or
any Group Member;

[b] A reduction in the Executive’s title, duties, responsibilities or status, as
compared to either [i] the Executive’s title, duties, responsibilities or status on
the Employment Date, or [ii] any enhanced or increased title, duties,
responsibilities or status assigned to the Executive after the Employment Date;

[c] The assignment to the Executive of duties that are inconsistent with [i] the
Executive’s office as of the Employment Date or [ii] any more senior office to which
the Executive is promoted after the Employment Date;

[d] Modification of the Executive’s reporting responsibilities described in Section
2.03;

[e] During any calendar year ending during the Term (or any fractional calendar year
ending within the Term), any reduction (other than a reduction that is attributable
to any termination for death, Disability or Cause, voluntary termination by the
Executive other than for Good Reason or for any period of temporary absence
protected by law or initiated by the Executive and approved by the Corporation) in
Base Salary for the calendar year ending before the Good Reason Termination Date;

[f] A requirement that the Executive relocate to a principal office or worksite (or
accept indefinite assignment) to a location more than fifty (50) miles distant from
Akron, Ohio;

[g] The Corporation’s [i] failure to continue in effect any material fringe benefit
or compensation plan, retirement or deferred compensation plan, life insurance plan,
health and accident plan, sick pay plan or disability plan in which the Executive is
participating or [ii] modification of any of the plans or programs

13

 

just described that adversely affects the potential value of the Executive’s
benefits under those plans (other than value associated solely with the performance
of investments the Executive controls). However, [iii] this section will not apply
to any of the acts just enumerated that are applied to or which affect all other
participants in any program or plan and [iv] Good Reason will not arise under this
subsection solely because [A] the Corporation terminates or modifies any of the
programs just described solely to comply with applicable law but only to the extent
required to meet applicable legal standards, [B] a plan or benefit program expires
under self-executing terms contained in that plan or [C] the Corporation replaces a
plan or program with a successor plan or program of equal or equivalent value to the
Executive;

[h] For the duration of any period of any absence from active employment, failure to
provide or continue for the Executive any benefits (including disability benefits)
available to employees who are absent from active employment (including because of
Disability) under programs maintained by the Corporation on the date the absence
(including Disability) begins;

[i] While the Executive is unable to perform normally assigned duties because of a
physical or mental condition and before his Disability is established under Section
5.01[3], the Corporation terminates the Executive before the period required to
establish the Executive’s Disability;

[j] The Corporation unsuccessfully attempts to terminate the Executive for Cause;

[k] The Corporation fails to obtain an assumption of its obligations under this
Agreement by any successor, regardless of whether that other entity becomes a
successor to the Corporation as a result of a merger, consolidation, sale of assets
or any other form of reorganization; or

[l] Any attempted termination of the Executive’s employment which is not effected
pursuant to a Notice of Consideration satisfying the requirements of this article.

It is specifically understood that delivery by the Corporation of a Notice of Intent Not To
Renew under Article 1 is not itself “Good Reason” under this Agreement.

5.06 Termination of Employment Following a Change in Control.

[1] Amounts payable to the Executive upon a “Change in Control” will be governed by a
separate “Change in Control Agreement” and “Displacement Agreement” (collectively, “Change
Agreements”), a copy of each of which has been given to the Executive. The definition of
“Cause” under Section 5.04[4] and the definition of “Good Reason” under Section 5.05[6]
contained herein shall supersede, be incorporated into and constitute the definitions of
Cause and Good Reason under the Change Agreements

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(provided that if anything constitutes Good Reason under the Change Agreements and is not
Good Reason under this Agreement, the Change Agreements provisions shall be applicable for
purposes of the Change Agreements). These benefits will be due under the terms and subject
to the conditions that are incorporated from time to time in the Change Agreements,
provided, however, that the applicable obligations described in Article 6 will continue to
apply, subject to payment of the amounts described in Sections 5.03[2][e] and [f] or
5.05[2][e] and [f], whichever is applicable. However, if the Executive is or becomes
entitled to receive payments and benefits under this Agreement and under either of the
Change Agreements, he will be entitled only to receive the larger of the payments and
benefits due under this Agreement or under the Change in Control or Displacement Agreements;
this comparison will be made separately with respect to each type of benefit.

[2] If any payment or benefit under this Agreement generates an excise tax under Section
4999 of the Code, the Corporation will apply the same procedures for these purposes that are
applicable under the Executive’s Change Agreements, whether or not the event generating
these excise taxes is a “change in control” under those agreements.

5.07 Termination Due to Failure to Renew Agreement. Except as provided in Section 5.06, if this
Agreement and the Executive’s employment terminate through a Notice of Intent Not to Renew (as
described in Article 1), the Executive will be entitled to the benefits described in Section 5.02
as if the Executive had terminated employment voluntarily and without Good Reason on the date this
Agreement terminates and the following:

[1] Continuation of Base Salary for twelve (12) months, paid in accordance with the
Corporation’s normal payroll procedures beginning on the date this Agreement terminates, in
consideration of the obligations assumed under Article 6. In the event the Executive
breaches the obligations contained under Article 6, the obligation to pay continuation of
Base Salary under this Section 5.07[1] will terminate; and

[2] A lump sum payment (less lawful payroll deductions and taxes) within thirty (30) days
after the termination of this Agreement, equal to the “target” cash bonus amount most
recently established before the termination date in consideration of the obligations assumed
under Article 6. In the event the Executive breaches the obligations contained under
Article 6, the obligation to pay the lump sum payment under this Section 5.07[2] will
terminate.

5.08 Required Postponement for Specified Employee. If the Executive is a “specified employee,”
within the meaning of Treasury Regulation Section 1.409A-1(i) and as determined under the
Corporation’s policy for determining specified employees, on the date on which his employment
terminates (for any reason other than death), no payments or benefits under Sections 5.01[1][c],
5.03[2][c], [d], and [e], 5.05[2][c], [d], and [e] or 5.07[1] and [2] shall be paid or provided (or
commence to be paid or provided) until the first business day of the seventh month following the
termination date (or, if earlier, the Executive’s death). The first payment that can be made shall
include the cumulative amount of any amounts and benefits that could not be paid or provided during
such postponement period.

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5.09 Effect of Other Severance Benefits. Regardless of any other provision of this Agreement, all
amounts paid under this article will be in lieu of any amounts payable to the Executive from any
other broad-based severance program in which the Executive participates.

5.10 Effect of Multiple Termination Events. Except as provided otherwise in this Agreement
(including the Change Agreements), the Executive will never be entitled to benefits or payment
under more than one section of this article and will receive the benefits and payments attributable
to the first termination event to occur the effects of which are described in this article.

ARTICLE 6 POST-TERMINATION OBLIGATIONS

6.01 For a period of twenty-four (24) full calendar months after the Executive’s employment
terminates for any reason (or twelve (12) full calendar months after termination pursuant to
Section 5.07), he will not directly or indirectly engage in, assist or have an active interest in
(whether as proprietor, partner, investor, shareholder, officer, director or any type of principal
whatsoever) or enter the employment of or act as agent for or adviser or consultant to any person
or entity who is (or is about to become) engaged in any business that competes with the Group in
any state where the Group has an office or branch during the Term and any contiguous state thereto.

6.02 Section 6.01 does not prohibit the Executive from purchasing, for investment purposes only,
any stock or other corporate security that is listed on a national securities exchange or quoted in
any national market system (except as otherwise provided in this Agreement), so long as such stock
or other corporate security owned by the Executive does not represent more than one percent (1%) of
the market value or voting power of the total stock or other corporate securities of that class.

6.03 The Executive is not obligated to comply with the prohibitions described in this article if
the Corporation defaults in the payment of any severance compensation or benefits owed under this
Agreement. This Section 6.03 does not however relieve the Corporation of its obligations to pay
severance compensation or other benefits owed under this Agreement. In the event the Executive
breaches the obligations contained under Article 6, the obligation to pay continuation of Base
Salary and lump sum payments under Sections 5.03[2][e] and [f], 5.05[2][e] and [f] or 5.07[1] and
[2] will terminate.

6.04 For a period of twenty-four (24) full calendar months after the Executive’s employment
terminates for any reason (or twelve (12) full calendar months after termination pursuant to
Section 5.07), he will not, on his own behalf or on behalf of any other person, partnership,
association, corporation or other entity, solicit or in any manner attempt to influence or induce
any employee of the Group, the Corporation or any Group Member to leave the Group’s, the
Corporation’s or Group Member’s employment nor will he use or disclose to any person, partnership,
association, corporation or other entity any information obtained while an employee of the
Corporation concerning the names and addresses of the Group’s, the Corporation’s or any Group
Member’s employees.

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6.05 The Executive recognizes that he has access to and knowledge of certain confidential and
proprietary information of the Group, the Corporation and Group Members that is essential to the
performance of his duties under this Agreement. The Executive agrees that he will not, during or
after the term of his employment by the Corporation, in whole or in part, disclose this information
to any person, firm, corporation, association or other entity for any reason or purpose whatsoever,
nor shall he make use of any such information for his own purposes.

6.06 The Parties recognize that the Corporation will have no adequate remedy at law for breach by
the Executive of the restrictions imposed by this article and that the Group, the Corporation and
one or more Group Members could suffer substantial and irreparable damage if the Executive breaches
any of these restrictions. For this reason, the Executive agrees that, if the Executive breaches
any of the restrictions imposed under this article, the Corporation, in addition to the right to
seek monetary damages, may seek a temporary and/or permanent injunction to restrain any breach or
threatened breach of these restrictions or a decree of specific performance, mandamus or other
appropriate remedy to enforce compliance with the restrictions imposed under this article.

ARTICLE 7 INDEMNIFICATION

The Corporation will enter into an agreement to indemnify the Executive against any liability
arising in connection with his employment under this Agreement. This agreement will be consistent
with the Corporation’s generally applicable indemnification policy, a copy of which has been given
to the Executive. The terms of the Corporation’s indemnification policy will survive the
termination of the Executive’s employment for so long as the Executive may be subject to liability.
In addition, the Corporation will provide for the Executive directors and officers insurance
coverage under its directors and officers insurance policy for claims made during the Executive’s
employment and for a period of six (6) years after termination of employment.

ARTICLE 8 ASSIGNMENT OF AGREEMENT

8.01 Except as specifically provided in this section, the Corporation may not assign this Agreement
to any person or entity that is not a Group Member. However, this Agreement may and will be
assigned or transferred to, and will be binding upon and inure to the benefit of, any successor of
the Corporation, in which case this Agreement will be interpreted and applied by substituting that
successor for the “Corporation” under the terms of this Agreement. For these purposes, “successor”
means any person, firm, corporation or business entity which at any time, whether by merger,
purchase or otherwise acquires all or substantially all of the assets or the business of the
Corporation.

8.02 Because the services to be provided by the Executive to the Corporation under this Agreement
are personal to him, the Executive may not assign the duties allocated to him under this Agreement
to any other person or entity. However, this Agreement will inure to the benefit of and be
enforceable by the Executive’s personal or legal representatives, executors and administrators,
successors, heirs, distributees, devisees and legatees to the extent of any amounts payable to the
Executive that are due to the Executive upon his death.

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ARTICLE 9 DISPUTE RESOLUTION

9.01 Except as provided in the last sentence of this section, any disagreement arising under this
Agreement that is not resolved by agreement between the Parties, including the basis on which the
Executive’s employment is terminated, will be resolved by arbitration in accordance with the rules
of the American Arbitration Association. The award of the arbitrator will be final, conclusive and
nonappealable and judgment upon the award rendered by the arbitrator may be entered in any court
having competent jurisdiction. The arbitrator must be an arbitrator qualified to serve in
accordance with the rules of the American Arbitration Association and one who is approved by the
Corporation and the Executive. If the Executive and the Corporation fail to agree on an
arbitrator, each must designate a person qualified to serve as an arbitrator in accordance with the
rules of the American Arbitration Association and these persons will select the arbitrator from
among those persons qualified to serve in accordance with the rules of the American Arbitration
Association. Any arbitration relating to this Agreement will be held in Summit County, Ohio. In
the event that the Executive pursues arbitration to enforce any term of this Agreement and in the
event that the Executive prevails, the Executive will be entitled to reasonable attorneys’ fees and
interest on any award at prime rate (as published in the Wall Street Journal) from the date
determined by the arbitrator that any payment should have been paid to the date it is actually
paid. Regardless of the scope of this section, the Parties agree that nothing in this section
prevents either Party from seeking injunctive or other equitable relief if there is a breach or
threatened breach of any provision of this Agreement. Also, if otherwise due, payments not being
contested under the procedures described in this section will not be deferred during the pendency
of procedures described in this section.

9.02 The Corporation will bear the arbitrator’s fee and other costs associated with any
arbitration, unless the arbitrator, acting under Federal Rule of Civil Procedure 54(b), elects to
award these fees to the Corporation.

ARTICLE 10 MISCELLANEOUS

10.01 Any notices, consents, requests, demands, approvals or other communications to be given under
this Agreement must be given in writing and must be sent by registered or certified mail, return
receipt requested, to the Executive at the last address he has filed in writing with the
Corporation or, in the case of the Corporation, to the lead Director of the Board at the
Corporation’s principal offices.

10.02 This Agreement supersedes any prior agreements or understandings, oral or written, between
the Parties, or between the Executive and the Corporation, with respect to the subject matter
described in this Agreement and constitutes the entire agreement of the Parties with respect to any
matter covered in this Agreement.

10.03 This Agreement may not be varied, altered, modified, canceled, changed or in any way amended
except by written agreement of the Parties.

10.04 If any provision or portion of this Agreement is determined to be invalid or unenforceable
for any reason, the remaining provisions of this Agreement will remain in full force and effect.

18

 

10.05 This Agreement may be executed in one or more counterparts, each of which will be deemed to
be an original, but all of which together will constitute one and the same Agreement.

10.06 The Corporation will withhold from any benefits payable under this Agreement all federal,
state, city or other taxes as required by any applicable law or governmental regulation or ruling.

10.07 The Executive may designate one or more persons or entities as the primary and/or contingent
beneficiaries of any amounts to be received under this Agreement that are unpaid when the Executive
dies. This designation must be written and presented in a form acceptable to the Board or the
Board’s designee, if appropriate, or in the form required by any affected benefit plan or program.
Subject to any rules prescribed by the Board, its designee or the affected benefit plan or program,
the Executive may make or change his designation at any time.

10.08 Failure to insist upon strict compliance with any of the terms, covenants or conditions
described in this Agreement will not constitute a waiver of that or any other term, covenant or
condition nor will any such failure constitute a waiver or relinquishment of the Party’s right to
insist subsequently on strict compliance of the affected (and all other) terms, covenants or
conditions of this Agreement.

10.09 In no event shall the Executive be obligated to seek other employment or take any other
action to mitigate the amounts payable to the Executive under any of the provisions of this
Agreement, nor shall the amount of any payment hereunder be reduced by any compensation earned as
result of the Executive’s employment by another employer, except that any continued welfare
benefits provided for by Section 3.01[3] shall not duplicate any benefits that are provided to the
Executive and his family by such other employer and shall be secondary to any coverage provided by
such other employer to the extent permitted by law.

10.10 The Corporation represents and warrants that the execution and performance of this Agreement
by the Corporation is duly authorized, and that the Agreement, upon due execution and delivery by
the Corporation, constitutes the legal, valid and binding obligation of the Corporation.

10.11 In the event of inconsistencies, the terms of this Agreement shall supersede and control
over any conflicting language in the Change in Control Termination Agreement, the Displacement
Agreement or any other agreement, plan, program or practice of the Corporation.

10.12 Facsimile signatures shall have the same legal effect as original signatures.

10.13 The Corporation shall pay the Executive’s reasonable legal fees incurred in connection with
the completion of this Agreement, not to exceed $6,000.

10.14 To the extent not preempted by federal law, the provisions of this Agreement will be
construed and enforced in accordance with the laws of the state of Ohio.

10.15 It is intended that the Agreement comply with Section 409A of the Code and the Treasury
Regulations promulgated thereunder (and any subsequent notices or guidance issued by

19

 

the Internal Revenue Service), and the Agreement shall be interpreted, administered and operated
accordingly. Nothing herein shall be construed as an entitlement to or guarantee of any particular
tax treatment to the Executive.

10.16 The Executive and the Corporation agree that this Agreement may be amended, by mutual
agreement, without any further consideration to the Executive, to the extent needed to avoid
penalties under Section 409A of the Code.

10.17 Notwithstanding anything to the contrary contained herein, the Corporation may
accelerate the time or schedule of a payment to the Executive at any time the Agreement fails to
meet the requirements of Section 409A of the Code and the Treasury Regulations promulgated
thereunder. Such payment may not exceed the amount required to be included in income as a result
of the failure to comply with the requirements of Section 409A of the Code and the Treasury
Regulations promulgated thereunder.

IN WITNESS WHEREOF, the Parties have executed this Agreement, as of January 8th, 2009.

FIRSTMERIT CORPORATION

	 	 	 	 	 	 	 
	By:

	 	/s/ Clifford J. Isroff
 

Clifford J. Isroff
	 	 	 	Date signed: 01/08/2009 
	 
	Title:

	 	Lead Director	 	 	 	 
	 
	 	 	 	 	 	 
	EXECUTIVE	 	 	 	 
	 
	 	 	 	 	 	 
	By:

	 	/s/ Paul Greig
 

Paul Greig
	 	 	 	Date signed: 01/08/2009 

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