EXHIBIT 10.1
CHANGE IN CONTROL AGREEMENT
This AGREEMENT is made effective as of ______________ __, 2005 by and between FIRST FEDERAL OF
NORTHERN MICHIGAN, a federally chartered stock savings bank (the "Bank"), and
___________________ ("Executive"). Any reference to "Company" herein shall mean First Federal of Northern
Michigan Bancorp, Inc., or any successor thereto.
WHEREAS, the Bank recognizes the substantial contribution Executive has made to the Bank and wishes to
provide Executive with certain protections and benefits in the event of a Change in Control of the Bank or the
Company, as provided in this Agreement; and
WHEREAS, Executive has been elected to, and has agreed to serve in the position of
_____________________ for the Bank, a position of substantial responsibility;
NOW, THEREFORE, in consideration of the contribution of Executive, and upon the other terms and conditions
hereinafter provided, the parties hereto agree as follows:
1. TERM OF AGREEMENT
The term of this Agreement shall be thirty-six (36) full calendar months from the effective date of this Agreement
set forth above. Commencing on the first anniversary date of this Agreement and continuing on each anniversary
date thereafter, this Agreement shall renew for an additional twelve (12) months, such that the remaining term
shall be thirty-six (36) months unless a written notice of non-renewal is provided to Executive at least thirty (30)
days and not more than sixty (60) days prior to such anniversary date. In the event this Agreement is not renewed
on an anniversary date, the remaining term of this Agreement shall be twenty-four (24) months. Prior to each
notice period for non-renewal, the Board will conduct a performance evaluation and review of Executive for
purposes of determining whether to extend this Agreement, and the results thereof shall be included in the minutes
of the Board's meeting. If Executive is also a director then he shall abstain from any and all voting with respect to
the renewal or extension