Citizens Republic Bancorp (CTZ+A) 10-Q 2010 Q2 Quarterly report

Exhibit 10.45

2008 Management Incentive Plan

2008 Management Incentive PlanMIP will be initially calculated based on the following components and payout tier structure.BudgetTotal RevenuePerformance Results 418.0 454.9 473.4 482.6 487.2491.8494.3 496.7 499.2 501.6 504.12007 Actual = 504.7% to Actual (Actual/Budget)< 85%85% 92.5% 96.25% 98.13% 99.06%100%100.5% 101% 101.5% 102% 102.5%CAP30%2008 Plan = 491.8Payout Factor0% 50% 60% 70% 80% 90%100%110% 120% 130% 140% 150%Budget Net Income After TaxPerformance Results 99.2 107.9 112.3 114.5 115.6116.7117.0 117.3 117.6 117.9 118.22007 Actual = 100.8% to Actual (Actual/Budget)< 85%85% 92.5% 96.25% 98.13% 99.06%100%100.25% 100.5% 100.75% 101% 101.25%CAP25%2008 Plan = 116.7Payout Factor0%50% 60% 70% 80% 90%100%110% 120% 130% 140% 150%Budget DepositsPerformance Results 7,888.8 7,979.8 8,025.3 8,048.1 8,059.4 8,070.8 8,080.98091.18,495.6 8,900.2 9,304.7 9,709.3 10,113.82007 Actual = 8,301.925% to Actual (Actual/Budget)< 97.5%97.5% 98.63% 99.19% 99.47% 99.61% 99.75% 99.88%100%105% 110% 115% 120% 125%CAP20%2008 Plan = 8,091.055Payout Factor0%50% 60% 70% 80% 90% 100% 110%120%126% 132% 138% 144% 150%Budget Non Performing AssetsPerformance Results 330.7 315.6 308.1 304.4 302.5300.6294.6 288.6 282.6 276.6 270.52007 Actual = 251.540% to Actual (Actual/Budget)< 90%90% 95% 97.5% 98.75% 99.38%100%102% 104% 106% 108% 110%CAP15%2008 Plan = 300.6Payout Factor0%50% 60% 70% 80% 90%100%110% 120% 130% 140% 150%Budget Expense MgmtPerformance Results 318.9 315.7 314.2 313.4 313.0312.6311.0 309.5 307.9 306.3 304.82007 Actual = 327.423% to Actual (Actual/Budget)< 98%98% 99% 99.5% 99.75% 99.88%100%100.5% 101% 101.5% 102% 102.5%CAP10%2008 Plan = 312.6Payout Factor0% 50% 60% 70% 80% 90%100%110% 120% 130% 140% 150%00%Payout % is incremental between tiers (ex. Each % over budget earns x% additional incentive)1Discretion may be used by the compensation committee to over-ride the formula under appropriate circumstances

2Any adjustments for unusual items (such as acquisitions, divestitures) w ill require compensation committee approvalDiscretionary Modifier — Guidelines Only 3The above numbers w ill not include the impact of extra-ordinary items

An additional peer group ranking modifier may be used to determine final payouts of MIP4The above numbers w ill be adjusted to neutralize the impact of equity compensation

Component Weighting 5The above numbers w ill be adjusted to normalize the impact of equity adjustments due to interest rate movements Revenue 50%Peer Group: 6The discretion of management and the compensation committee is the final factor in the determination of

EXHIBIT Net Income 50% Chemical Bank            eligibility and for final determination of payment aw ard. Independent BankPeer Ranking            FactorMBTAbove 75th Percentile 125%Old NationalBelow 25th Percentile 50%First Merit Mercentile Bank Macatawa Bank            Capital Bancorp2008 vs 2007 performanceCitizens First 10.45

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