CHFC 2018 Proxy Statement

Corporation or death of the director, shares will be issued in a lump-sum. We may also permit a distribution to a participating director due to an unforeseeable emergency. Mr. Fitterling, Mr. Lievense, Ms. Mahone, Mr. Pelizzari, Mr. Stauffer, Mr. Tate and Mr. Weiss made voluntary contributions to the DDSP during 2017. 2017 Director Compensation The following table sets forth the compensation paid to our non-employee directors for services rendered during 2017: Name Fees Earned or Paid in Cash (1) Stock Awards (2) Option Awards Non-Equity Incentive Plan Compensation Change in Pension Value and Nonqualified Deferred Compensation Earnings All Other Compensation (3) Total Gary E. Anderson (4) $ 12,500 $ — $ — $ — $ — $ — $ 12,500 James R. Fitterling 95,833 45,000 — — — 2,404 143,237 Ronald A. Klein 109,750 45,000 — — — 902 155,652 Richard M. Lievense (5) 46,667 26,250 — — — 265 73,182 Barbara J. Mahone 86,500 45,000 — — — 2,184 133,684 John E. Pelizzari 139,467 45,000 — — — 1,623 186,090 Larry D. Stauffer 105,300 45,000 — — — 3,003 153,303 Jeffrey L. Tate (6) 71,500 45,000 — — — 2,000 118,500 Arthur A. Weiss 87,500 45,000 — — — 2,412 134,912 Franklin C. Wheatlake 150,833 45,000 — — — 763 196,596 (1) Represents the aggregate dollar amount of all fees earned or paid in cash for services as a director of the Corporation and Chemical Bank, including the cash retainer, committee and/or committee chair fees, lead independent director fee, andmeeting and community advisory director fees, including any fees voluntarily deferred under the DDSP. Voluntary deferrals of the cash retainer and other fees in 2017 were as follows: $95,833 by Mr. Fitterling, $46,667 by Mr. Lievense, $86,500 by Ms. Mahone, $49,750 by Mr. Pelizzari, $105,300 by Mr. Stauffer, $67,500 by Mr. Tate and $87,500 by Mr. Weiss. (2) Represents the grant date fair value computed in accordance with ASC 718. The amounts reported represent one-half of the annual retainers paid to each director in 2017 and deferred and invested in stock units representing shares of our common stock (i.e., the equity retainer). The aggregate number of stock awards earned by each director for services, voluntary contributions made by the director to the DDSP and dividend equivalents credited to each director’s DDSP participant account since becoming a director and/or subsequent to the lump-sum distribution, if applicable, is represented by the number in the column titled “Stock Units” set forth in the table under the heading “Ownership of Chemical Financial Common Stock by Directors and Executive Officers” and such information is here incorporated by reference. (3) Represents dividend equivalents paid in 2017 on stock units in the DDSP. As permitted by SEC regulation, perquisites that in the aggregate total less than $10,000 are not included. (4) Mr. Anderson retired from the board of directors effective at the 2017 annual meeting. (5) Prior to October 1, 2017, Mr. Lievense served as an employee director. (6) Appointed to the board of directors effective March 1, 2017. 61 Other Matters Transactions with Related Persons Directors, officers, principal shareholders and their associates and family members were customers of, and had transactions (including loans and loan commitments) with, Chemical Bank in the ordinary course of business during 2017. All such loans and commitments were made in the ordinary course of business, on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with persons not related to the Corporation and did not involve more than a normal risk of collectability or present other unfavorable features. Similar transactions may be expected to take place in