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RESTRICTED STOCK AGREEMENT

Shareholder Agreement

RESTRICTED STOCK AGREEMENT | Document Parties: MACATAWA BANK CORP You are currently viewing:
This Shareholder Agreement involves

MACATAWA BANK CORP

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Title: RESTRICTED STOCK AGREEMENT
Date: 3/16/2007
Industry: Regional Banks     Sector: Financial

RESTRICTED STOCK AGREEMENT, Parties: macatawa bank corp
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EXHIBIT 10.15



Employee:

Number of Shares:

Date of Award:
_______________________________________

_______________________________________

_______________________________________

Per share fair market value on grant date: __________________


Restrictions lapse on the Dates and as to the number of shares set forth below:

Date

_______________
Number of Shares

_______________


RESTRICTED STOCK AGREEMENT

        This Restricted Stock Agreement (“Agreement”) is made as of the award date set forth above, between MACATAWA BANK CORPORATION, a Michigan corporation (“Macatawa” or the “Company”), and the employee named above (“Employee”). The Employee is employed by Macatawa Bank, a wholly-owned subsidiary of the Company.

        The Macatawa Bank Corporation Stock Compensation Plan (the “Plan”) is administered by the Compensation Committee of Macatawa Bank Corporation’s Board of Directors (the “Committee”). The Committee has determined that Employee is eligible to participate in the Plan. The Committee has awarded restricted stock to Employee, subject to the terms and conditions contained in this Agreement and in the Plan.

        Employee acknowledges receipt of a copy of the Plan and accepts this restricted stock award subject to all of the terms, conditions, and provisions of this Agreement and the Plan.

        1.        Award. Macatawa Bank Corporation hereby awards to Employee shares of Macatawa Bank Corporation’s common stock, no par value, as set forth above, and subject to restrictions imposed under this Agreement and the Plan (“Restricted Stock”).

        2.        Transferability. Until the restrictions lapse as to shares of Restricted Stocks at the dates set forth above, the Restricted Stock granted under this Agreement is not transferable by Employee except (a) to the Company in the event of Employee’s death or disability, or (b) by will or according to the laws of descent and distribution. If during the Restricted Period Employee assigns, pledges, transfers, or otherwise disposes of the Restricted Stock, voluntarily or involuntarily, except as permitted by this Agreement or the Plan, Employee shall lose all rights to the Restricted Stock, and all Restricted Stock shall promptly be surrendered to the Company. Macatawa Bank Corporation shall place an appropriate legend upon any certificate representing shares of Restricted Stock awarded under this Agreement.


        3.        Lapsing of Restrictions. Except as otherwise provided in this Agreement, the restrictions imposed on the shares of Restricted Stock awarded pursuant to this Agreement shall lapse on the dates set forth above. The period during which the Restricted Stock is subject to restrictions imposed by the Plan and under this Agreement shall be known as the “Restricted Period.”

        4.        Securities Laws. Employee hereby represents and warrants that Employee is acquiring the Restricted Stock award under this Agreement for Employee’s own account and investment and without any intent to resell or distribute the Restricted Stock. Employee shall not resell or distribute the Restricted Stock after the Restricted Period except in compliance with such conditions as Macatawa Bank Corporation may reasonably specify to ensure compliance with federal and state securities laws.

        5.        Termination of Employment.

        (a)        General. Employee’s right to the shares of Restricted Stock awarde


 
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