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0000950152-08-007229.txt : 200809170000950152-08-007229.hdr.sgml : 2008091720080916182903ACCESSION NUMBER:0000950152-08-007229CONFORMED SUBMISSION TYPE:8-KPUBLIC DOCUMENT COUNT:16CONFORMED PERIOD OF REPORT:20080916ITEM INFORMATION:Financial Statements and ExhibitsFILED AS OF DATE:20080917DATE AS OF CHANGE:20080916

FILER:

COMPANY DATA:COMPANY CONFORMED NAME:CITIZENS REPUBLIC BANCORP, INC.CENTRAL INDEX KEY:0000351077STANDARD INDUSTRIAL CLASSIFICATION:NATIONAL COMMERCIAL BANKS [6021]IRS NUMBER:382378932STATE OF INCORPORATION:MIFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE NUMBER:001-33063FILM NUMBER:081074995

BUSINESS ADDRESS:STREET 1:328 SOUTH SAGINAW STREETCITY:FLINTSTATE:MIZIP:48502BUSINESS PHONE:810-766-7500

MAIL ADDRESS:STREET 1:328 SOUTH SAGINAW STREETCITY:FLINTSTATE:MIZIP:48502

FORMER COMPANY:FORMER CONFORMED NAME:CITIZENS REPUBLIC BANCORP INCDATE OF NAME CHANGE:20070426

FORMER COMPANY:FORMER CONFORMED NAME:CITIZENS BANKING CORPDATE OF NAME CHANGE:20020515

FORMER COMPANY:FORMER CONFORMED NAME:CB WEALTH MANAGEMENT N ADATE OF NAME CHANGE:20020502

8-K1k35568e8vk.htmCITIZENS REPUBLIC BANCORP, INC. 8-K

Citizens Republic Bancorp, Inc. 8-K

Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section13 or 15(d) of the
Securities Exchange Act of 1934

Date of report (Date of earliest event reported): September16, 2008

Citizens Republic Bancorp, Inc.

(Exact Name of Registrant as Specified in Its Charter)

Michigan
(State or Other Jurisdiction of Incorporation)

001-33063
(Commission File Number)

38-2378932
(IRS Employer Identification No.)

328 South Saginaw Street, Flint, Michigan
(Address of Principal Executive Offices)

48502
(Zip Code)

(810)766-7500
(Registrants Telephone Number, Including Area Code)

Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfythe filing obligation of the registrant under any of the following provisions:

oWritten communications pursuant to Rule425 under the Securities Act (17 CFR 230.425)

oSoliciting material pursuant to Rule14a-12 under the Exchange Act (17 CFR 240.14a-12)

oPre-commencement communications pursuant to Rule14d-2(b) under the Exchange Act (17CFR 240.14d-2(b))

oPre-commencement communications pursuant to Rule13e-4(c) under the Exchange Act (17CFR 240.13e-4(c))

TABLE OF CONTENTS

Item9.01. Financial Statements and Exhibits.SIGNATURESIndex to ExhibitsEX-10.43

Table of Contents

EXPLANATORY NOTE

On August6, 2008, Citizens Republic Bancorp, Inc. (the Company) filed with the Securities andExchange Commission (the Commission) the Citizens Republic Bancorp, Inc. 2008 ManagementIncentive Plan (the Plan) as exhibit number 10.43 to its Quarterly Report on Form 10-Q for thequarter ended June30, 2008. Pursuant to a request to the Commission for confidential treatment,certain information was redacted from the Plan as filed. Upon review, it was determined thatincluded in the redacted information was information regarding the Companys 2007 operatingresults. Since that information was already public, confidential treatment was unnecessary and;therefore, the Company is filing as an exhibit to this Current Report on Form 8-K a copy of thePlan with the 2007 operating results information included.

Item9.01. Financial Statements and Exhibits.

(d)Exhibits

Exhibit No. Description

Exhibit10.43

2008 Management Incentive Plan*

* Portions of this exhibit have been omitted pursuant to Citizens request to the Secretary ofthe Securities and Exchange Commission for confidential treatment pursuant to Rule24b-2 underthe Securities and Exchange Act of 1934, as amended.

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has dulycaused this report to be signed on its behalf by the undersigned thereunto duly authorized.

CITIZENS REPUBLIC BANCORP, INC.

By: /s/ Thomas W. Gallagher

Thomas W. Gallagher

Its: General Counsel and Secretary

Date: September16, 2008

Table of Contents

Index to Exhibits

Exhibit No. Description

Exhibit10.43

2008 Management Incentive Plan*

* Portions of this exhibit have been omitted pursuant to Citizens request to the Secretary ofthe Securities and Exchange Commission for confidential treatment pursuant to Rule24b-2 underthe Securities and Exchange Act of 1934, as amended.

EX-10.432k35568exv10w43.htmEX-10.43

EX-10.43

2008 Management Incentive Plan (MIP)Effective January1, 2008

Compensation Philosophy The corporation recognizes that an equitable compensation philosophy helps to attract,motivate, and retain the most critical resource employees. Our compensation programs are basedon a commitment to equitable pay for all positions using the factors of market value, internalcomparisons and results achieved. Performance is the most important component in advancementdecisions and is measured by the execution of set goals through accepted behaviors which lead tothe achievement of the corporate Vision. Managers work within set guidelines to determine increasesand incentive awards, carefully considering performance when allocating available funds. Thecorporate compensation programs, merit increases and incentive bonuses are determined withoutregard to race, color, religion, gender, sexual orientation, national origin, citizenship, age,disability or status as a disabled veteran, other veteran, recently separated veteran, orVietnam-era veteran. Corporate Vision The corporate Vision directs the strategies that are used todesign compensation plans. .. We must earn the right to be an independent bank by increasingshareholder value . We will achieve this goal by growing profitability and more quickly than ourmarket competitors .. We will deliver extraordinary value to our clients . We will have a solutionsbased sales and sales management process while being committed to internal and external serviceexcellence .. We will attract, retain and develop the very best people in our markets . We willhold our people accountable and reward them for both individual and team behaviors and results ..We will share information and communicate honestly and openly with each other across all areas ofour company . We will be a learning organization with a collaborative, boundaryless environment ..We will continuously improve our company while operating effectively, cost efficiently andprudently managing our risks .. We will be the leading bank in the Midwest Incentive CompensationCommittee An incentive compensation design committee comprised of representatives ExecutiveManagement, HR Corporate Compensation Committee, Human Resources and the Financial Management Group developed the incentive plan. They defined component categories, established goals, createdpayout formulas and developed reporting and tracking systems. The incentive compensation committeeis accountable for interpretation of the performance plan and resolves any discrepancies orexceptions.

Ethics & Professional Standards Eligibility for payment under this program is conditioned ondemonstrating the highest level of professionalism and ethics, while adhering to the CitizensRepublic Bancorp Code of Conduct and other performance standards. Records It is understood that allincentives are considered earned income and are subject to all federal, state and local tax lawsand any voluntary payroll deductions such as 401(k) contributions. All appropriate recordsnecessary for tax purposes will be maintained by the Human Resource Payroll department. Incentivespayable but not received under this program will still be awarded in the event of the death of aparticipant. Participants of record with incentive payable but not received, whose beneficiary isunable to be located within one year of a distribution will forfeit their distribution to the Bank.General Provisions & Eligibility Requirements Eligible participants include Senior Vice Presidentsand above and certain other officers based upon corporate responsibilities who are not participantsin another established incentive plan with payment amounts determined by performance in relation togoal. Staff members become eligible to participate in the plan by virtue of promotion or new hire.. Awards will be pro-rated based on months served for participants with less than 12months ofservice in a plan year. Some new hire participant awards may be guaranteed based on offer letter.To be eligible for incentive payment, participants must meet the following requirements: . Beactively employed at the time of the incentive payment .. A participant who terminates employmentprior to the plan year end is not eligible to receive an award. . Not be on corrective action(written or termination warning) at the end of the plan year nor at the time of payment .. Resultsand payouts will not be prorated . Be performing at a minimum performance level of Productive Thediscretion of management, CEO and the incentive compensation committee is the final factor in thedetermination of eligibility and for final determination of payment award. Special Rules . The Planis effective beginning January1, 2008 and is subject to change at any time prior to the actualpayment, per the Banks sole and absolute discretion. . The Plan is not intended to be a contract,and no participant shall have any contractual right to payment or employment for a particular termunder the Plan. . The Plan will be administered in accordance with Citizens EEO/Affirmative ActionPolicy. . The Management Incentive Plan is administered by the Compensation and Human ResourcesCommittee of the Corporation.

.. The Administrator has complete authority to interpret Plan provisions, revise the Plan andmake all of the determinations they deem appropriate for fair administration of the Plan. o TheAdministrator reserves the right to terminate this Plan or to revise any aspect of this Plan at anytime, including individual payouts, without prior notification to participants. o Any exceptions tothe Plan must be approved by the Plan Administrator. . While all attempts will be made to followthe incentive formulas and metrics, subjective adjustments occasionally can and will be made bothupwards and downwards based on management discretion which will require CEO approval. ..Adjustments will be considered based on value of an individuals contribution to performance duringthe year and not based on comparison to prior year awards, comparison to peers incentive levels,attitude, effort, etc. .. Subjective adjustments will be the exception and not the rule. Managementwill however reserve the right to make these subjective adjustments if necessary to be equally fairto shareholders and plan participants. . The incentive award for the Chairman, President and CEOwill be determined by the Compensation and Human Resources Committee. . A special award fund(Discretionary) equal to 15% of the aggregate incentive award will be available for individualawards as determined by the President and CEO. Awards from this fund are made to staff members whoare not participants in the Management Incentive Plan. .. Awards for the Discretionary Fund will bemade only in recognition of exemplary achievements. .. Distribution of all available amounts inthis fund is not mandatory. (see discretionary award guidelines) . This Plan supersedes in theirentirety any previous compensation plan(s), letters, or arrangements with respect to any and allcompensation or incentive pay plans. All other agreements are void and have no further effect. .This document and is contents are confidential and proprietary to Citizens Bank and shall remainthe property of Citizens Bank. .. Neither this document nor its contents may be discussed,disclosed, or revealed to anyone outside the Company. The participant is responsible formaintaining the security of this document. . A participant is responsible for immediatelycommunicating any incentive underpayments or overpayments to the Human Resources Compensation team... Failure to communicate any errors on a timely basis may result in corrective action up to andincluding termination.

Plan Objectives The objectives of the plan are to: . Ensure achievement of strategic goals andalign with the financial goals of the bank: .. Profitable revenue growth, Deposit growth, Efficientuse of capital, NIE management, Credit Quality . Be a win-win program for our company,shareholders and participants. . Strengthen links between pay and performance. . Allow for changesand/or modifications which support our corporate and line of business strategies. TargetedIncentive Pool Determination Base Salary x Participation Rate x Service Factor = Targeted IncentivePool The participants Base Salary at plan year end is used in the calculation. Participation Ratesare determined at start of plan year and approved by the Human Resources Compensation Committee.Participation Rates are stated as % of base salary and are based on job function and value to thecorporation. The participation rate for individual positions is benchmarked from market dataresearch provided by various surveys and consultants. The Service Factor is equal to the number ofmonths the participant is employed with the corporation (or holds an eligible position) during theplan year divided by 12 and stated as a percentage. Example: 100% is equal to 12months, 50% isequal to 6months. Level Participation Determination

Corporate Level Incentive Components The Management Incentive Plan Corporate components consist ofPrimary and Secondary Factors: . Primary Factors: Total Revenue, Net Income after Taxes, TotalDeposits, Non Performing Assets, Expense Management. .. All components are independent .. Theresults of each Corporate Level component will be placed against the payout tier structure at theend of the plan year to determine the weighted average payout for Corporate Level performance. (Seepayout tier structure at end of document) . Secondary Factors: A Revenue and Net Income PeerRanking vs. Peer Group factor may be utilized to determine the FINAL weighted average factor forthe Corporate Component portion of the payout.

Line of Business & Individual Level Incentive Goal Setting & Results Each manager is accountablefor establishing goals and providing year end results for their participating staff: . Managementwill be provided an automated goal planning and scoring template for each participant. . They willmake the determination, with input from the participant, on the type of goals (quantifiable vs.qualitative) to be assigned based on the level of participation (line of business results vs.individual results) of the participant. Each level of participation allows for both goal types. .Goal setting should provide the measure, the goal/desired outcome and an assigned weighting foreach goal so that the total of all weightings in the assigned participation levels equals 100%. .At plan year end, managers will be asked to provide results and actual outcomes for all goals, toscore each participant on the core corporate competencies and to provide payout percentages basedon defined payout ranges. Automated goal planning and scoring templates will be provided for eachparticipant. Quantifiable Goals: . Includes items such as growth, financial measures, servicelevels, etc... Items typically numerical in nature and measurable. . Goals should be set atlevels that are challenging to reach at 100%. . The results for each measurable goal will be placedagainst a corporate payout tier structure at the end of the plan year to determine a weightedaverage result. Qualitative Goals: . Goals that are not quantifiable, but are measurable on the 1-4rating scale. . Includes items such as audits, surveys, specific special projects/initiatives,solutions/strategies, implementations, etc... Non-numerical. . Goals should be set at levelsthat are challenging to reach. . The results for each goal/initiative will be placed against acorporate payout tier structure on a 1-4 rating scale at the end of the plan year to determine aweighted average Individual result. Individual Level Performance Modifier: All participants will berated on the Core Corporate Competencies to establish a performance multiplier: . Performance forthe full plan year should be considered when rating each participant. . A performance modifier of0% to 150% will be assigned based on an overall average rating for the participant. . A performancemodifier with results exceeding 100% (average rating of 3.00 or higher) should be reserved fortruly extraordinary performance. See a SAMPLE of the Line of Business & Individual Level GoalPlanning & Scoring Template beginning on page 9.

MIP Incentive Calculation (Targeted Incentive Pool x Weighted Avg. Corporate Result) + (TargetedIncentive Pool x Weighted Avg. Line of Business Result) + (Targeted Incentive Pool x Weighted Avg.Individual Result) x Performance Factor = Calculated MIP Incentive $Earned Award Payments Allawards earned under the Management Incentive Plan will be paid as soon as practical followingapprovals by the Compensation and Human Resources Committee in February following the plan yearend. Discretionary Award Guidelines . Objectives: To recognize and promote exemplary individualperformance or initiative. . Eligible Participants: All staff members are eligible except staffmembers who are in established incentive plans with payment amounts determined by performance inrelation to established goals. . Nomination Process: Managers nominate staff member(s) according toestablished guidelines. They must obtain concurrence and approval from their Leadership Teammember. . Monetary Guidelines: Range of $500 to $3000. Larger amounts can be given in exceptionalcircumstances. . Guidelines: Discretionary awards can be given in recognition for one or more ofthe following performance criteria: Earnings: Expense reduction Revenue enhancement Innovation: Continuous improvement efforts Innovative delivery alternatives Foresight and planning toprevent crises Achievement: Unique/specialized skills or knowledge of value to the company, i.e.,Key Performers Sustained high performance Exemplary performance during unusual circumstances orspecific events Special projects completed in an exceptional manner, with value added Extraordinary client service

SAMPLE Line of Business & Individual Level Goal Planning & Scoring Template

INDIVIDUAL LEVEL OVERALL

1-4 Rating Guideline (Applied separately against each qualitative goal) Both ratingdefinitions/guidelines and performance must be taken into consideration when assigning a finalrating: Example: . A (4) Role Model rating translates to meeting the performance requirementstated for a (4)AND performing within the guidelines for a (4)rating. (ie. Actively shares bestpractices, Helps team exceed goals, etc...). . If both performance AND rating guidelines are notmet, the rating should be lowered until the results meet the required level of standard. ComponentRating 1 Needs Improvement Definition: Did not achieve goals set; does not demonstratecompetency expectations at this level. Performance improvement is priority. Does not meet minimumstated goal set Does not learn from repeated mistakes Requires significant guidance fromsupervisor to complete related task or demonstrate competency Few if any examples in event filedemonstrating the competency No appropriate strength competency comment Many examples in eventfile of not demonstrating competency Requires significant guidance from supervisor to demonstratecompetency Component Rating 2 Productive Definition: Meets goals set within minimum toexceeds standard range; a solid performer with some guidance, demonstrates potential to developfull competency and willingness to become skilled at all elements of performance. Meets goalswithin minimum to exceeds standard Demonstrates understanding of process Learns from mistakes Requires some guidance from supervisor to complete related tasks Some examples in event filedemonstrating the competency Several specific examples of strengths demonstrating competency Requires some guidance from supervisor to demonstrate competency Assists others to achievecompetency when asked Component Rating 3 Accomplished Definition: Exceeds goals whiledemonstrating strong values and competencies; demonstrates full knowledge of competency andindependently applies it. Expresses positive attitude and demonstrates willingness to expand role. Meets goals at or above exceeds standard Has very few mistakes and demonstrates ability tolearn from those mistakes Works without assistance to achieve goal

Demonstrates best practice process to achieve goal Has shared best practices Manyexamples in event file demonstrating the competency Many specific examples of strengthsdemonstrating competency Seldom requires guidance from supervisor to demonstrate competency Regularly shares best practices and assists others within team to achieve this competency ComponentRating 4 Role Model Definition: Exceptional performance in every measurable aspect;innovative, insightful and perceptive. Inspires others through extraordinary attitude and abilityto leverage expert knowledge to others in the team. Sets example that every staff member shouldfollow. Always above exceeds standard Results are consistently among industry best Normallymistake free Actively shares best practices Helps team exceed goals Numerous examples inevent file demonstrating the competency Numerous specific examples of strengths demonstratingcompetency Rarely requires guidance from supervisor to demonstrate competency Always sharesbest practices and assists others within team to achieve this competency Responsible for teamincreasing performance on this competency

LINE OF BUSINESS LEVEL QUANTIFIABLE GOALS LINE OF BUSINESS INDIVIDUAL LEVEL QUALITATIVE GOALSINDIVIDUAL LEVEL PERFORMANCE MODIFIER

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