Retention Agreement With Each of John D. Schwab, Clinton A. Sampson, and Randall J. Peterson (November 3rd, 2006)
In connection with our recently announced transaction involving the merger of Republic Bancorporation, Inc. (Republic) with and into Citizens Banking Corporation (Citizens) (the Merger), the compensation and human resources committee of the board of directors of Citizens (the Committee) has determined that your specialized knowledge and expertise will be instrumental in assuring a successful integration of the two companies. As such, the Committee has authorized me to extend to you this offer of a retention bonus. Under this arrangement, you would continue as [functional title] of the Corporation and would continue to report directly to me and would also assist me in the integration process with respect to the Merger. In return, Citizens would agree to pay to you in addition to your normal compensation, a lump sum payment of $150,000 following December 31, 2008 (the Retention Period). In return, Citizens would require that: i) you do not terminate your employment with Citizens and that
Contract (March 15th, 2004)
Exhibit 10.18 (Form 10-K) CHANGE IN CONTROL AGREEMENT This Change in Control Agreement ("Agreement") is made by and between Citizens Banking Corporation, a Michigan corporation ("Corporation"), and Randall J. Peterson ("Executive"). The Corporation anticipates the valuable services that the Executive will render on behalf of the Corporation and its subsidiary banks and is desirous of having some assurance that the Executive will continue as an employee and that, in the event of a possible Change in Control of the Corporation, the Executive will be able to perform his duties without undue concern for the Executive's personal financial well-being; and The Executive is willing to serve as an employee of the Corporation but desires assurance that in the event of a Change in Control of the Corporation, he will continue to have the responsibility and status he has earned.