Letter Agreement for Termination of Employment and Change in Control Agreements between TCF Financial Corporation and Executive
This agreement, dated December 14, 2009, is between TCF Financial Corporation and an executive. It terminates any existing Employment Agreement and Change in Control Agreement between the parties as of the effective date. In return for agreeing to this termination, the executive will receive a restricted stock award from TCF. The agreement is signed by both parties and outlines the exchange of contract termination for stock compensation.
Exhibit 10(b)-15
TCF FINANCIAL CORPORATION
LETTER AGREEMENT
THIS LETTER AGREEMENT made and entered into as of December 14, 2009 between [Name of Executive] (the “Executive”) and TCF Financial Corporation, a Delaware Corporation (“TCF”).
Executive and TCF have been parties to an Employment Agreement dated January 1, 2008 (the “Employment Agreement”) and/or a Change in Control Agreement dated January 1, 2008 (the “Change in Control Agreement”).
In exchange for good and valuable consideration, Executive and TCF agree to terminate any Employment Agreement and Change in Control Agreement with the Executive effective December 14, 2009.
In exchange for terminating Executive’s Employment Agreement and/or Change in Control Agreement, TCF shall grant to Executive a restricted stock award effective December 14, 2009.
IN WITNESS WHEREOF, the parties have duly executed this Letter Agreement as of the day and year first written above.
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| TCF FINANCIAL CORPORATION: | |||
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| Vice Chairman and Secretary |
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| William A. Cooper |
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| Its: | Chairman and Chief Executive Officer |
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