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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">Registration No. 333-_______</P>

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<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0; text-align: center">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</P>

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<P STYLE="font: 15pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM S-8<BR>
REGISTRATION STATEMENT<BR>
UNDER THE SECURITIES ACT OF 1933</B></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 15pt"><B>CHEMICAL
FINANCIAL CORPORATION</B></FONT><BR>
<FONT STYLE="font-size: 10pt">(Exact Name of Registrant as Specified in its Charter)</FONT></P>

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    <TD STYLE="width: 45%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Michigan</B></FONT><BR>
<FONT STYLE="font-size: 10pt">(State or Other Jurisdiction of</FONT><BR>
<FONT STYLE="font-size: 10pt">Incorporation or Organization)</FONT></TD>
    <TD STYLE="width: 9%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 46%; text-align: center"><FONT STYLE="font-size: 10pt"><B>38-2022454</B></FONT><BR>
<FONT STYLE="font-size: 10pt">(IRS Employer</FONT><BR>
<FONT STYLE="font-size: 10pt">Identification Number)</FONT></TD></TR>
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    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
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    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>235 E. Main Street</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Midland, Michigan</B></FONT><BR>
<FONT STYLE="font-size: 10pt">(Address of Principal Executive Offices)</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center"><BR>
<FONT STYLE="font-size: 10pt"><B>48640</B></FONT><BR>
<FONT STYLE="font-size: 10pt">(Zip Code)</FONT></TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 15pt"><B>CHEMICAL FINANCIAL
CORPORATION</B></FONT><BR>
<FONT STYLE="font-size: 15pt"><B>STOCK INCENTIVE PLAN OF 2015</B></FONT><BR>
<FONT STYLE="font-size: 10pt">(Full Title of the Plan)</FONT></P>

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    <TD STYLE="width: 45%; text-align: center"><FONT STYLE="font-size: 10pt"><B>David B. Ramaker</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>235 E. Main Street</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Midland, Michigan, 48640</B></FONT><BR>
<FONT STYLE="font-size: 10pt; line-height: 85%">(Name and Address of Agent for Service)</FONT></TD>
    <TD STYLE="width: 9%; text-align: center"><FONT STYLE="font-size: 10pt; line-height: 85%">Copies to:</FONT></TD>
    <TD STYLE="width: 46%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Jeffrey A. Ott</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Charlie Goode</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Warner Norcross &amp; Judd LLP</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>900 Fifth Third Center</B></FONT><BR>
<FONT STYLE="font-size: 10pt; line-height: normal"><B>111 Lyon Street, N.W.</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Grand Rapids, Michigan 49503</B></FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(989) 839-5350</B><BR>
(Telephone Number, Including Area Code, of Agent for Service)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions
of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer&rdquo; and &ldquo;smaller reporting company&rdquo; in Rule 12b-2
of the Exchange Act (Check one):</P>

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<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0; text-align: justify">Large accelerated filer <U>&nbsp;&nbsp;X&nbsp;&nbsp;</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accelerated
filer <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-accelerated filer <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smaller
reporting company <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

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<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CALCULATION OF REGISTRATION FEE</B></P>

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<BR>
<FONT STYLE="font-size: 10pt; line-height: 85%">Title of</FONT><BR>
<FONT STYLE="font-size: 10pt; line-height: 85%">Securities to be</FONT><BR>
<FONT STYLE="font-size: 10pt; line-height: 85%">Registered</FONT></TD>
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<BR>
<BR>
<FONT STYLE="font-size: 10pt; line-height: 85%">Amount to be</FONT><BR>
<FONT STYLE="font-size: 10pt; line-height: 85%">Registered</FONT></TD>
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<FONT STYLE="font-size: 10pt; line-height: 85%">Proposed</FONT><BR>
<FONT STYLE="font-size: 10pt; line-height: 85%">Maximum</FONT><BR>
<FONT STYLE="font-size: 10pt; line-height: 85%">Offering Price</FONT><BR>
<FONT STYLE="font-size: 10pt; line-height: 85%">Per Share(2)(3)</FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 2.25pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 6.95pt; padding-left: 6.95pt; text-align: center"><BR>
<FONT STYLE="font-size: 10pt; line-height: 85%">Proposed</FONT><BR>
<FONT STYLE="font-size: 10pt; line-height: 85%">Maximum</FONT><BR>
<FONT STYLE="font-size: 10pt; line-height: 85%">Aggregate</FONT><BR>
<FONT STYLE="font-size: 10pt; line-height: 85%">Offering</FONT><BR>
<FONT STYLE="font-size: 10pt; line-height: 85%">Price(2)(3)</FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 2.25pt double; border-right: black 2.25pt double; border-bottom: Black 1pt solid; padding-right: 6.95pt; padding-left: 6.95pt; text-align: center"><BR>
<BR>
<BR>
<FONT STYLE="font-size: 10pt; line-height: 85%">Amount of</FONT><BR>
<FONT STYLE="font-size: 10pt; line-height: 85%">Registration Fee</FONT></TD></TR>
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<FONT STYLE="font-size: 10pt">Common Stock,</FONT><BR>
<FONT STYLE="font-size: 10pt">par value $1.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 6.95pt; padding-bottom: 2.9pt; padding-left: 6.95pt; text-align: center"><BR>
<FONT STYLE="font-size: 10pt; line-height: 85%">1,300,000 shares (1)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 6.95pt; padding-bottom: 2.9pt; padding-left: 6.95pt; text-align: center"><BR>
<FONT STYLE="font-size: 10pt; line-height: 85%">$31.71</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 6.95pt; padding-bottom: 2.9pt; padding-left: 6.95pt; text-align: center"><BR>
<FONT STYLE="font-size: 10pt; line-height: 85%">$41,223,000</FONT></TD>
    <TD STYLE="border-right: black 2.25pt double; border-bottom: black 2.25pt double; padding-right: 6.95pt; padding-bottom: 2.9pt; padding-left: 6.95pt; text-align: center"><BR>
<FONT STYLE="font-size: 10pt; line-height: 85%">$4,790.11</FONT></TD></TR>
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    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="width: 96%; text-align: justify"><FONT STYLE="font-size: 10pt">In addition, pursuant to Rule 416(a) under the Securities Act of 1933, this registration statement also covers such indeterminate number of additional shares as may be authorized in the event of an adjustment as a result of an increase in the number of issued shares of Common Stock resulting from the payment of stock dividends or stock splits or certain other capital adjustments.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Estimated solely for the purpose of calculating the registration fee.</FONT></TD></TR>
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    <TD STYLE="font-size: 8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: justify">&nbsp;</TD></TR>
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    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The registration fee is computed in accordance with Rule 457(h) and (c) under the Securities Act of 1933 based on $31.71 per share, which was the average of the high and low prices of the Registrant's common stock on April 27, 2015 as reported on the NASDAQ Stock Market. </FONT></TD></TR>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">PART I</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The document(s) containing
information required in Part I of this registration statement will be provided to each participant in the Plan as specified by
Rule 428(b)(1) promulgated by the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) under the Securities Act of
1933. Such document(s) are not being filed with the Commission but constitute (together with the documents incorporated by reference
in this Registration Statement pursuant to Item&nbsp;3 of Part II hereof) a prospectus that meets the requirements of Section&nbsp;10(a)
of the Securities Act of 1933.</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">PART II</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INFORMATION REQUIRED IN THE REGISTRATION
STATEMENT</B></P>

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    <TD STYLE="width: 15%; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Item 3.</B></FONT></TD>
    <TD STYLE="width: 85%; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Incorporation of Documents by Reference.</B></FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following documents
filed by Chemical Financial Corporation (&ldquo;Chemical&rdquo; or the &ldquo;Registrant&rdquo;) with the Securities and Exchange
Commission are incorporated in this registration statement by reference:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in; text-align: justify; text-indent: 0.5in">(a)&#9;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant&rsquo;s
Annual Report on Form 10-K filed with the Commission on February 27, 2015.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in; text-align: justify; text-indent: 0.5in">(b)&#9;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant's
Quarterly Report on Form 10-Q filed with the Commission on April 30, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in; text-align: justify; text-indent: 0.5in">(c)&#9;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant's
Current Report on Form 8-K filed on January 6, 2015, April 1, 2015, April 8, 2015, April 20, 2015 and April 21, 2015 (except, with
respect to each of the foregoing, for portions of such documents which are deemed to be furnished and not filed).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in; text-align: justify; text-indent: 0.5in">(d)&#9;&nbsp;&nbsp;&nbsp;&nbsp;The description
of the Registrant&rsquo;s common stock, $1 par value per share, which is contained in the Registrant&rsquo;s Form 8-A registration
statement filed under the Securities Exchange Act of 1934, including any amendment or report filed for the purpose of updating
such description.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">All documents subsequently
filed by the Registrant pursuant to Sections&nbsp;13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934, prior to the
filing of a post-effective amendment which indicates that all securities offered have been sold or which deregisters all securities
then remaining unsold, shall be deemed to be incorporated by reference in this registration statement and to be a part of this
registration statement from the date of filing of such documents (except, with respect to each of the foregoing, for portions of
such documents which are deemed to be furnished and not filed).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Any statement contained
in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes
of this registration statement to the extent that a statement contained herein, or in any other subsequently filed document that
also is incorporated or deemed to be incorporated by reference herein, modifies or supersedes such statement. Any statement so
modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this registration statement.</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Item 4.</B></FONT></TD>
    <TD STYLE="width: 85%; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Description of Securities.</B></FONT></TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Not applicable.</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Item 5.</B></FONT></TD>
    <TD STYLE="width: 85%; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Interests of Named Experts and Counsel.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Item 6.</B></FONT></TD>
    <TD STYLE="width: 85%; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Indemnification of Directors and Officers.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Chemical is obligated under
its Restated Articles of Incorporation and its Bylaws to indemnify its directors, officers, employees or agents and persons who
serve or have served at the request of Chemical as directors, officers, employees, agents or partners of another corporation or
other enterprise to the fullest extent permitted under the MBCA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Sections 561 through 571
of the MBCA contain provisions governing the indemnification of directors and officers by Michigan corporations. That statute provides
that a corporation has the power to indemnify a person who was or is a party or is threatened to be made a party to a threatened,
pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative and whether formal or
informal (other than an action by or in the right of the corporation) by reason of the fact that he or she is or was a director,
officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, partner,
trustee, employee or agent of another foreign or domestic corporation, partnership, joint venture, trust or other enterprise, whether
for profit or not, against expenses (including attorneys' fees), judgments, penalties, fines and amounts paid in settlement actually
and reasonably incurred by him or her in connection with the action, suit or proceeding, if the person acted in good faith and
in a manner he or she reasonably believed to be in or not opposed to the best interests of the corporation or its shareholders,
and with respect to a criminal action or proceeding, if the person had no reasonable cause to believe his or her conduct was unlawful.
The termination of an action, suit or proceeding by judgment, order, settlement or conviction, or upon a plea of <I>nolo contendere</I>
or its equivalent, does not, of itself, create a presumption that the person did not act in good faith and in a manner that he
or she reasonably believed to be in or not opposed to the best interests of the corporation or its shareholders, and, with respect
to a criminal action or proceeding, had reasonable cause to believe that his or her conduct was unlawful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Indemnification of expenses
(including attorneys' fees) and amounts paid in settlement is permitted in derivative actions, except that indemnification is not
allowed for any claim, issue or matter in which such person has been found liable to the corporation unless and to the extent that
a court decides indemnification is proper. To the extent that a director or officer has been successful on the merits or otherwise
in defense of an action, suit or proceeding, or in defense of a claim, issue or matter in the action, suit or proceeding, the corporation
shall indemnify him or her against actual and reasonable expenses (including attorneys' fees) incurred by him or her in connection
with the action, suit or proceeding, and any action, suit or proceeding brought to enforce the mandatory indemnification provided
under the MBCA. The MBCA permits partial indemnification for a portion of expenses (including reasonable attorneys' fees), judgments,
penalties, fines and amounts paid in settlement to the extent the person is entitled to indemnification for less than the total
amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">A determination that the
person to be indemnified meets the applicable standard of conduct and an evaluation of the reasonableness of the expenses incurred
and amounts paid in settlement shall be made: (i) by a majority vote of a quorum of the board of directors who were not parties
or threatened to be made parties to the action, suit or proceeding; (ii) if a quorum cannot be so obtained, by a majority vote
of a committee of not less than two directors who are not, at the time, parties or threatened to be made parties to the action,
suit or proceeding; (iii) by independent legal counsel; (iv) by all independent directors not parties or threatened to be made
parties to the action, suit or proceeding; or (v) by the shareholders (excluding shares held by interested directors, officers,
employees or agents). An authorization for payment of indemnification may be made by: (a) the board of directors by (i) a majority
vote of two or more directors who are not parties or threatened to be made parties to the action, suit or proceeding, (ii) a majority
vote of a committee of two or more directors who are not parties or threatened to be made parties to the action, suit or proceeding,
(iii) a majority vote of one or more &quot;independent directors&quot; who are not parties or threatened to be made parties to
the action, suit or proceeding, or (iv) if the corporation lacks the appropriate persons for alternatives (i) through (iii), by
a majority vote of the entire board of directors; or (b) the shareholders. Under the MBCA, Chemical may indemnify a director without
a determination that the director has met the applicable standard of conduct unless the director received a financial benefit to
which he or she was not entitled, intentionally inflicted harm on the corporation or its shareholders, violated Section 551 of
the MBCA (which prohibits certain dividends, distributions and loans to insiders of the corporation), or intentionally committed
a criminal act. A director may file for a court determination of the propriety of indemnification in any of the situations set
forth in the preceding sentence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In certain circumstances,
the MBCA further permits advances to cover such expenses before a final disposition of the proceeding, upon receipt of an undertaking,
which need not be secured and which may be accepted without reference to the financial ability of the person to make repayment,
by or on behalf of the director, officer, employee or agent to repay such amounts if it shall ultimately be determined that he
or she has not met the applicable standard of conduct. If a provision in the articles of incorporation or bylaws, a resolution
of the board or shareholders, or an agreement makes indemnification mandatory, then the advancement of expenses is also mandatory,
unless the provision, resolution or agreement specifically provides otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The indemnification provisions
of the MBCA are not exclusive of the rights to indemnification under a corporation's articles of incorporation or bylaws or by
agreement. However, the total amount of expenses advanced or indemnified from all sources combined may not exceed the amount of
actual expenses incurred by the person seeking indemnification or advancement of expenses. The indemnification provided for under
the MBCA continues as to a person who ceases to be a director, officer, employee or agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The MBCA permits Chemical
to purchase insurance on behalf of its directors, officers, employees and agents against liabilities arising out of their positions
with Chemical, whether or not such liabilities would be within the above indemnification provisions. Pursuant to this authority,
Chemical maintains such insurance on behalf of its directors, officers, employees and agents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Item 7.</B></FONT></TD>
    <TD STYLE="width: 85%; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Exemption from Registration Claimed.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Item 8.</B></FONT></TD>
    <TD STYLE="width: 85%; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Exhibits.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following exhibits
are filed or incorporated by reference as part of this registration statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%; text-align: justify"><FONT STYLE="font-size: 10pt">Exhibit</FONT><BR>
<FONT STYLE="font-size: 10pt"><U>Number</U></FONT></TD>
    <TD STYLE="width: 3%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 86%; text-align: justify"><BR>
<FONT STYLE="font-size: 10pt"><U>Document</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">4.1</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Restated Articles of Incorporation. &nbsp;Previously filed as Exhibit&nbsp;3.1 to the Registrant&rsquo;s Quarterly Report on Form&nbsp;10-Q for the quarter ended March 31, 2015 filed with the SEC on April 30, 2015. &nbsp;Here incorporated by reference.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">4.2</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Bylaws. Previously filed as Exhibit&nbsp;3.2 to the Registrant&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2013, filed with the SEC on February 26, 2014. &nbsp;Here incorporated by reference.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">4.3</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Long Term Debt. &nbsp;Chemical Financial Corporation has outstanding long-term debt which at the time of this report does not exceed 10% of Chemical Financial Corporation's total consolidated assets. Chemical Financial Corporation agrees to furnish copies of the agreements defining the rights of holders of such long-term debt to the Security and Exchange Commission upon request.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">5.1</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Opinion of Warner Norcross &amp; Judd LLP.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">23.1</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Consent of KPMG LLP.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">23.2</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Consent of Warner Norcross &amp; Judd LLP (included in Exhibit 5 and here incorporated by reference).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">24.1</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Powers of Attorney.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Chemical Financial Corporation Stock Incentive Plan of 2015.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Item 9.</B></FONT></TD>
    <TD STYLE="width: 85%; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Undertakings.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&#9;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned
Registrant hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(1)&#9;&nbsp;&nbsp;&nbsp;&nbsp;To file,
during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">(i)&#9;&nbsp;&nbsp;&nbsp;&nbsp;To include
any prospectus required by Section&nbsp;10(a)(3) of the Securities Act of 1933;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">(ii)&#9;&nbsp;&nbsp;&nbsp;To reflect
in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the
registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar
value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated
maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate,
the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in
the &ldquo;Calculation of Registration Fee&rdquo; table in the effective registration statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">(iii)&#9;&nbsp;&nbsp;To include
any material information with respect to the plan of distribution not previously disclosed in the registration statement or any
material change to such information in the registration statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>provided, however, </I>that paragraphs&nbsp;(a)(1)(i)
and&nbsp;(a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is
contained in periodic reports filed with or furnished to the Commission by the Registrant pursuant to Section&nbsp;13 or&nbsp;15(d)
of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(2)&#9;&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed
to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial <I>bona fide </I>offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(3)&#9;&nbsp;&nbsp;&nbsp;&nbsp;To remove
from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination
of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&#9;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned
Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the
Registrant&rsquo;s annual report pursuant to Section&nbsp;13(a) or&nbsp;15(d) of the Securities Exchange Act of 1934 that is incorporated
by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be the initial <I>bona fide</I> offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&#9;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification
for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the
Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities
and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable.
In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred
or paid by a director, officer, or controlling person of the Registrant in the successful defense of any action, suit, or proceeding)
is asserted by such director, officer, or controlling person in connection with the securities being registered, the Registrant
will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed
by the final adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>The Registrant</I>.
Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to&nbsp;believe
that it meets all of the requirements for filing on Form&nbsp;S-8 and has duly caused this registration statement to be signed
on its behalf by the undersigned, thereunto duly authorized, in the City of Midland, State of Michigan, on April 30, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 37%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 42%; padding-right: -41.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">CHEMICAL FINANCIAL CORPORATION</FONT></TD>
    <TD STYLE="width: 8%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 13%; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">/s/ David B. Ramaker</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">David B. Ramaker</FONT><BR>
<FONT STYLE="font-size: 10pt">Chairman, Chief Executive Officer and</FONT><BR>
<FONT STYLE="font-size: 10pt">President</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/12.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the
dates indicated.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 31%; border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 10pt">/s/ David B. Ramaker</FONT></TD>
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="width: 36%; text-align: left"><FONT STYLE="font-size: 10pt">Chairman, Chief Executive</FONT><BR>
<FONT STYLE="font-size: 10pt">Officer and President</FONT><BR>
<FONT STYLE="font-size: 10pt">(Principal Executive Officer)</FONT></TD>
    <TD STYLE="width: 31%; text-align: justify"><FONT STYLE="font-size: 10pt">April 30, 2015</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">David B. Ramaker</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 10pt">/s/ Lori A. Gwizdala</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Executive Vice President, Chief</FONT><BR>
<FONT STYLE="font-size: 10pt">Financial Officer and Treasurer</FONT><BR>
<FONT STYLE="font-size: 10pt">(Principal Financial and Accounting</FONT><BR>
<FONT STYLE="font-size: 10pt">Officer)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">April 30, 2015</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Lori A. Gwizdala</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/12.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">The
following directors of Chemical Financial Corporation, which constitute at least a majority of the board of directors, executed
a power of attorney appointing David B. Ramaker and Lori A. Gwizdala their attorneys-in-fact, empowering them to sign this registration
statement on their behalf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">Gary E. Anderson<BR>
James R. Fitterling<BR>
Terence F. Moore<BR>
John E. Pelizzari<BR>
Larry D. Stauffer<BR>
Franklin C. Wheatlake</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">/s/ Lori A. Gwizdala</FONT></TD>
    <TD STYLE="width: 67%; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;April 30, 2015</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Lori A Gwizdala</FONT><BR>
<FONT STYLE="font-size: 10pt">Attorney-in-Fact</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
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{"company-data": {"conformed-name": "CHEMICAL FINANCIAL CORP", "cik": "0000019612", "assigned-sic": "6022", "irs-number": "382022454", "state-of-incorporation": "MI", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-203742", "film-number": "15815581"}, "business-address": {"street1": "235 E MAIN ST", "city": "MIDLAND", "state": "MI", "zip": "48640", "phone": "989-839-5350"}, "mail-address": {"street1": "235 E MAIN ST", "city": "MIDLAND", "state": "MI", "zip": "48640"}}
Registration No. 333-_______
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933
CHEMICAL
FINANCIAL CORPORATION
(Exact Name of Registrant as Specified in its Charter)
Michigan
(State or Other Jurisdiction of
Incorporation or Organization)
38-2022454
(IRS Employer
Identification Number)
235 E. Main Street
Midland, Michigan
(Address of Principal Executive Offices)
48640
(Zip Code)
CHEMICAL FINANCIAL
CORPORATION
STOCK INCENTIVE PLAN OF 2015
(Full Title of the Plan)
David B. Ramaker
235 E. Main Street
Midland, Michigan, 48640
(Name and Address of Agent for Service)
Copies to:
Jeffrey A. Ott
Charlie Goode
Warner Norcross & Judd LLP
900 Fifth Third Center
111 Lyon Street, N.W.
Grand Rapids, Michigan 49503
(989) 839-5350
(Telephone Number, Including Area Code, of Agent for Service)
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions
of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2
of the Exchange Act (Check one):
Large accelerated filer
X
Accelerated
filer
Non-accelerated filer
Smaller
reporting company
CALCULATION OF REGISTRATION FEE
Title of
Securities to be
Registered
Amount to be
Registered
Proposed
Maximum
Offering Price
Per Share(2)(3)
Proposed
Maximum
Aggregate
Offering
Price(2)(3)
Amount of
Registration Fee
Common Stock,
par value $1.00
1,300,000 shares (1)
$31.71
$41,223,000
$4,790.11
(1)
In addition, pursuant to Rule 416(a) under the Securities Act of 1933, this registration statement also covers such indeterminate number of additional shares as may be authorized in the event of an adjustment as a result of an increase in the number of issued shares of Common Stock resulting from the payment of stock dividends or stock splits or certain other capital adjustments.
(2)
Estimated solely for the purpose of calculating the registration fee.
(3)
The registration fee is computed in accordance with Rule 457(h) and (c) under the Securities Act of 1933 based on $31.71 per share, which was the average of the high and low prices of the Registrant's common stock on April 27, 2015 as reported on the NASDAQ Stock Market.
PART I
The document(s) containing
information required in Part I of this registration statement will be provided to each participant in the Plan as specified by
Rule 428(b)(1) promulgated by the Securities and Exchange Commission (the "Commission") under the Securities Act of
1933. Such document(s) are not being filed with the Commission but constitute (together with the documents incorporated by reference
in this Registration Statement pursuant to Item 3 of Part II hereof) a prospectus that meets the requirements of Section 10(a)
of the Securities Act of 1933.
PART II
INFORMATION REQUIRED IN THE REGISTRATION
STATEMENT
Item 3.
Incorporation of Documents by Reference.
The following documents
filed by Chemical Financial Corporation ("Chemical" or the "Registrant") with the Securities and Exchange
Commission are incorporated in this registration statement by reference:
(a)	    The Registrant's
Annual Report on Form 10-K filed with the Commission on February 27, 2015.
(b)	    The Registrant's
Quarterly Report on Form 10-Q filed with the Commission on April 30, 2015.
(c)	    The Registrant's
Current Report on Form 8-K filed on January 6, 2015, April 1, 2015, April 8, 2015, April 20, 2015 and April 21, 2015 (except, with
respect to each of the foregoing, for portions of such documents which are deemed to be furnished and not filed).
(d)	    The description
of the Registrant's common stock, $1 par value per share, which is contained in the Registrant's Form 8-A registration
statement filed under the Securities Exchange Act of 1934, including any amendment or report filed for the purpose of updating
such description.
All documents subsequently
filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934, prior to the
filing of a post-effective amendment which indicates that all securities offered have been sold or which deregisters all securities
then remaining unsold, shall be deemed to be incorporated by reference in this registration statement and to be a part of this
registration statement from the date of filing of such documents (except, with respect to each of the foregoing, for portions of
such documents which are deemed to be furnished and not filed).
Any statement contained
in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes
of this registration statement to the extent that a statement contained herein, or in any other subsequently filed document that
also is incorporated or deemed to be incorporated by reference herein, modifies or supersedes such statement. Any statement so
modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this registration statement.
Item 4.
Description of Securities.
Not applicable.
Item 5.
Interests of Named Experts and Counsel.
Not applicable.
Item 6.
Indemnification of Directors and Officers.
Chemical is obligated under
its Restated Articles of Incorporation and its Bylaws to indemnify its directors, officers, employees or agents and persons who
serve or have served at the request of Chemical as directors, officers, employees, agents or partners of another corporation or
other enterprise to the fullest extent permitted under the MBCA.
Sections 561 through 571
of the MBCA contain provisions governing the indemnification of directors and officers by Michigan corporations. That statute provides
that a corporation has the power to indemnify a person who was or is a party or is threatened to be made a party to a threatened,
pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative and whether formal or
informal (other than an action by or in the right of the corporation) by reason of the fact that he or she is or was a director,
officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, partner,
trustee, employee or agent of another foreign or domestic corporation, partnership, joint venture, trust or other enterprise, whether
for profit or not, against expenses (including attorneys' fees), judgments, penalties, fines and amounts paid in settlement actually
and reasonably incurred by him or her in connection with the action, suit or proceeding, if the person acted in good faith and
in a manner he or she reasonably believed to be in or not opposed to the best interests of the corporation or its shareholders,
and with respect to a criminal action or proceeding, if the person had no reasonable cause to believe his or her conduct was unlawful.
The termination of an action, suit or proceeding by judgment, order, settlement or conviction, or upon a plea of
nolo contendere
or its equivalent, does not, of itself, create a presumption that the person did not act in good faith and in a manner that he
or she reasonably believed to be in or not opposed to the best interests of the corporation or its shareholders, and, with respect
to a criminal action or proceeding, had reasonable cause to believe that his or her conduct was unlawful.
Indemnification of expenses
(including attorneys' fees) and amounts paid in settlement is permitted in derivative actions, except that indemnification is not
allowed for any claim, issue or matter in which such person has been found liable to the corporation unless and to the extent that
a court decides indemnification is proper. To the extent that a director or officer has been successful on the merits or otherwise
in defense of an action, suit or proceeding, or in defense of a claim, issue or matter in the action, suit or proceeding, the corporation
shall indemnify him or her against actual and reasonable expenses (including attorneys' fees) incurred by him or her in connection
with the action, suit or proceeding, and any action, suit or proceeding brought to enforce the mandatory indemnification provided
under the MBCA. The MBCA permits partial indemnification for a portion of expenses (including reasonable attorneys' fees), judgments,
penalties, fines and amounts paid in settlement to the extent the person is entitled to indemnification for less than the total
amount.
A determination that the
person to be indemnified meets the applicable standard of conduct and an evaluation of the reasonableness of the expenses incurred
and amounts paid in settlement shall be made: (i) by a majority vote of a quorum of the board of directors who were not parties
or threatened to be made parties to the action, suit or proceeding; (ii) if a quorum cannot be so obtained, by a majority vote
of a committee of not less than two directors who are not, at the time, parties or threatened to be made parties to the action,
suit or proceeding; (iii) by independent legal counsel; (iv) by all independent directors not parties or threatened to be made
parties to the action, suit or proceeding; or (v) by the shareholders (excluding shares held by interested directors, officers,
employees or agents). An authorization for payment of indemnification may be made by: (a) the board of directors by (i) a majority
vote of two or more directors who are not parties or threatened to be made parties to the action, suit or proceeding, (ii) a majority
vote of a committee of two or more directors who are not parties or threatened to be made parties to the action, suit or proceeding,
(iii) a majority vote of one or more "independent directors" who are not parties or threatened to be made parties to
the action, suit or proceeding, or (iv) if the corporation lacks the appropriate persons for alternatives (i) through (iii), by
a majority vote of the entire board of directors; or (b) the shareholders. Under the MBCA, Chemical may indemnify a director without
a determination that the director has met the applicable standard of conduct unless the director received a financial benefit to
which he or she was not entitled, intentionally inflicted harm on the corporation or its shareholders, violated Section 551 of
the MBCA (which prohibits certain dividends, distributions and loans to insiders of the corporation), or intentionally committed
a criminal act. A director may file for a court determination of the propriety of indemnification in any of the situations set
forth in the preceding sentence.
In certain circumstances,
the MBCA further permits advances to cover such expenses before a final disposition of the proceeding, upon receipt of an undertaking,
which need not be secured and which may be accepted without reference to the financial ability of the person to make repayment,
by or on behalf of the director, officer, employee or agent to repay such amounts if it shall ultimately be determined that he
or she has not met the applicable standard of conduct. If a provision in the articles of incorporation or bylaws, a resolution
of the board or shareholders, or an agreement makes indemnification mandatory, then the advancement of expenses is also mandatory,
unless the provision, resolution or agreement specifically provides otherwise.
The indemnification provisions
of the MBCA are not exclusive of the rights to indemnification under a corporation's articles of incorporation or bylaws or by
agreement. However, the total amount of expenses advanced or indemnified from all sources combined may not exceed the amount of
actual expenses incurred by the person seeking indemnification or advancement of expenses. The indemnification provided for under
the MBCA continues as to a person who ceases to be a director, officer, employee or agent.
The MBCA permits Chemical
to purchase insurance on behalf of its directors, officers, employees and agents against liabilities arising out of their positions
with Chemical, whether or not such liabilities would be within the above indemnification provisions. Pursuant to this authority,
Chemical maintains such insurance on behalf of its directors, officers, employees and agents.
Item 7.
Exemption from Registration Claimed.
Not applicable.
Item 8.
Exhibits.
The following exhibits
are filed or incorporated by reference as part of this registration statement:
Exhibit
Number
Document
4.1
Restated Articles of Incorporation.  Previously filed as Exhibit 3.1 to the Registrant's Quarterly Report on Form 10-Q for the quarter ended March 31, 2015 filed with the SEC on April 30, 2015.  Here incorporated by reference.
4.2
Bylaws. Previously filed as Exhibit 3.2 to the Registrant's Annual Report on Form 10-K for the year ended December 31, 2013, filed with the SEC on February 26, 2014.  Here incorporated by reference.
4.3
Long Term Debt.  Chemical Financial Corporation has outstanding long-term debt which at the time of this report does not exceed 10% of Chemical Financial Corporation's total consolidated assets. Chemical Financial Corporation agrees to furnish copies of the agreements defining the rights of holders of such long-term debt to the Security and Exchange Commission upon request.
5.1
Opinion of Warner Norcross & Judd LLP.
23.1
Consent of KPMG LLP.
23.2
Consent of Warner Norcross & Judd LLP (included in Exhibit 5 and here incorporated by reference).
24.1
Powers of Attorney.
99.1
Chemical Financial Corporation Stock Incentive Plan of 2015.
Item 9.
Undertakings.
(a)	    The undersigned
Registrant hereby undertakes:
(1)	    To file,
during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
(i)	    To include
any prospectus required by Section 10(a)(3) of the Securities Act of 1933;
(ii)	   To reflect
in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the
registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar
value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated
maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate,
the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in
the "Calculation of Registration Fee" table in the effective registration statement;
(iii)	  To include
any material information with respect to the plan of distribution not previously disclosed in the registration statement or any
material change to such information in the registration statement;
provided, however,
that paragraphs (a)(1)(i)
and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is
contained in periodic reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement.
(2)	    That,
for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed
to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial
bona fide
offering thereof.
(3)	    To remove
from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination
of the offering.
(b)	    The undersigned
Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the
Registrant's annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 that is incorporated
by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be the initial
bona fide
offering thereof.
(c)	    Insofar as indemnification
for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the
Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities
and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable.
In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred
or paid by a director, officer, or controlling person of the Registrant in the successful defense of any action, suit, or proceeding)
is asserted by such director, officer, or controlling person in connection with the securities being registered, the Registrant
will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed
by the final adjudication of such issue.
SIGNATURES
The Registrant
.
Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe
that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed
on its behalf by the undersigned, thereunto duly authorized, in the City of Midland, State of Michigan, on April 30, 2015.
CHEMICAL FINANCIAL CORPORATION
/s/ David B. Ramaker
David B. Ramaker
Chairman, Chief Executive Officer and
President
Pursuant to the requirements
of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the
dates indicated.
/s/ David B. Ramaker
Chairman, Chief Executive
Officer and President
(Principal Executive Officer)
April 30, 2015
David B. Ramaker
/s/ Lori A. Gwizdala
Executive Vice President, Chief
Financial Officer and Treasurer
(Principal Financial and Accounting
Officer)
April 30, 2015
Lori A. Gwizdala
The
following directors of Chemical Financial Corporation, which constitute at least a majority of the board of directors, executed
a power of attorney appointing David B. Ramaker and Lori A. Gwizdala their attorneys-in-fact, empowering them to sign this registration
statement on their behalf.
Gary E. Anderson
James R. Fitterling
Terence F. Moore
John E. Pelizzari
Larry D. Stauffer
Franklin C. Wheatlake
By:
/s/ Lori A. Gwizdala
April 30, 2015
Lori A Gwizdala
Attorney-in-Fact