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