SEC Contract Filing

Filing Date: 2019-12-16

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>ex102maassemploymentag.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
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<div><a name="s668825adda7a4308b08e7736f31aa2ab"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Exhibit 10.2</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">EXECUTIVE EMPLOYMENT AGREEMENT</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">This Executive Employment Agreement (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Agreement</font><font style="font-family:inherit;font-size:12pt;">&#8221;) is entered into as of </font><font style="font-family:inherit;font-size:12pt;">December&#160;13, 2019</font><font style="font-family:inherit;font-size:12pt;">&#32;(the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Effective Date</font><font style="font-family:inherit;font-size:12pt;">&#8221;), by and among TCF Financial Corporation (&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">TCF</font><font style="font-family:inherit;font-size:12pt;">&#8221;), a Michigan corporation, TCF National Bank (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Bank</font><font style="font-family:inherit;font-size:12pt;">&#8221;) and Brian Maass (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Executive</font><font style="font-family:inherit;font-size:12pt;">&#8221;).</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Recitals</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">WHEREAS</font><font style="font-family:inherit;font-size:12pt;">, TCF Financial Corporation, a Delaware corporation (&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Legacy TCF</font><font style="font-family:inherit;font-size:12pt;">&#8221;) merged with and into TCF (formerly known as Chemical Financial Corporation), with Chemical Financial Corporation changing its name to &#8220;TCF Financial Corporation&#8221; and surviving such merger (&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Merger</font><font style="font-family:inherit;font-size:12pt;">&#8221;), effective as of the Effective Date, and immediately following the Merger, Chemical Bank was merged with and into the Bank, with the Bank as the surviving entity of such merger; and</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">WHEREAS</font><font style="font-family:inherit;font-size:12pt;">, Legacy TCF and the Executive entered into a Change in Control Severance Agreement (the </font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">&#8220;Prior Agreement&#8221;</font><font style="font-family:inherit;font-size:12pt;">), effective as of March 1, 2018, and TCF, the Bank and Executive desire to supersede and replace the Prior Agreement, effective as of the Effective Date; and </font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">WHEREAS,</font><font style="font-family:inherit;font-size:12pt;">&#32;the Board of Directors (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Board</font><font style="font-family:inherit;font-size:12pt;">&#8221;) of TCF believes that it is in the best interest of TCF and its shareholders to secure Executive&#8217;s continued services to encourage Executive&#8217;s full dedication to TCF following the Merger and to ensure Executive&#8217;s continued dedication and objectivity in the event of any Change in Control, as defined herein; and</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">WHEREAS,</font><font style="font-family:inherit;font-size:12pt;">&#32;Executive acknowledges and agrees that pursuant to Executive&#8217;s employment with TCF, Executive has acquired and shall continue to acquire a considerable amount of knowledge and goodwill with respect to the business of TCF that would be detrimental to TCF if used by Executive to compete with TCF; and</font></div><div style="l