Voting Agreement between TCSB Bancorp, Inc. Directors and Independent Bank Corporation

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Summary

This agreement is between the directors of TCSB Bancorp, Inc. and Independent Bank Corporation. Each director, acting as an individual shareholder, agrees to vote their shares in favor of a proposed merger between the two companies. The directors also agree not to transfer their shares to avoid this obligation and to ensure any transferee follows the agreement. The agreement is effective until the merger is approved, the merger plan is terminated, a change in recommendation occurs, or two years have passed from the merger plan date.

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EX-10.1 3 ex10_1.htm EXHIBIT 10.1
Exhibit 10.1
 
VOTING AGREEMENT

Each of the undersigned directors of TCSB Bancorp, Inc. (“Company”) hereby agrees in his or her individual capacity as a shareholder to vote his or her shares of Company Common Stock that are registered in his or her personal name (and agrees to use his or her reasonable efforts to cause all additional shares of Company Common Stock owned jointly by him or her with any other person or by his or her spouse or over which he or she has voting influence or control to be voted) in favor of approval of the Agreement and Plan of Merger by and between Independent Bank Corporation (“Purchaser”) and Company, dated December 4, 2017 (the “Plan of Merger”).  In addition, each of the undersigned directors hereby agrees not to make any transfers of shares of Company Common Stock with the purpose of avoiding his or her agreements set forth in the preceding sentence and agrees to cause any transferee of such shares to abide by the terms of this Voting Agreement.  Each of the undersigned is entering into this Voting Agreement solely in his or her capacity as an individual shareholder and, notwithstanding anything to the contrary in this Voting Agreement, nothing in this Voting Agreement is intended or shall be construed to require any of the undersigned, (i) in his or her capacity as a director of Company or (ii) in his or her capacity as a trustee, personal representative or other fiduciary capacity, to act or fail to act in accordance with his or her duties in such director or fiduciary capacity.  This Voting Agreement is an individual agreement of each undersigned director with Purchaser and is not an agreement among the undersigned directors.  Furthermore, none of the undersigned makes any agreement or understanding herein in his or her capacity as a director of Company.  Notwithstanding any contrary provision herein, this Voting Agreement shall be effective from the date hereof and shall terminate and be of no further force and effect upon the earliest of (a) approval of the Plan of Merger by the shareholders of the Company; (b) the termination of the Plan of Merger in accordance with its terms; (c) upon a Company Adverse Recommendation Change (as defined in the Plan of Merger); or (d) the two year anniversary of the date of the Plan of Merger.  This Voting Agreement may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute one and the same instrument.
 
Dated this 4th of December, 2017.