EXHIBIT 10.20


2015 STOCK INCENTIVE PLAN


 


Article 1

INTRODUCTION


 


Section
1.1           Purpose, Effective Date, and Term. 
The purpose of this Landmark Bancorp, Inc.
2015 Stock Incentive Plan is
to promote the long-term financial success of Landmark Bancorp, Inc. and its
Subsidiaries by providing a means to attract, retain, and reward individuals who can and do contribute to such success, and to
further align their interests with those of the Stockholders. The “Effective Date” of the Plan is May, 20, 2015,
the date of the approval of the Plan by the Stockholders. The Plan shall remain in effect as long as any Awards are outstanding;
provided, however, that no Awards may be granted after the ten (10)-year anniversary of the Effective Date.


 


Section
1.2           Participation. Each employee and
director of, and service provider (with respect to which issuances of securities may be registered under Form S-8) to, the Company
and each Subsidiary who is granted, and currently holds, an Award in accordance with the provisions of the Plan shall be a “Participant”
in the Plan. Award recipients shall be limited to employees and directors of, and service providers (with respect to which issuances
of securities may be registered under Form S-8) to, the Company and its Subsidiaries; provided, however, that an Award (other
than an Award of an ISO) may be granted to an individual prior to the date on which he or she first performs services as an employee,
director, or service provider, provided that such Award shall not become vested prior to the date such individual commences
such services.


 


Section
1.3           Definitions. Capitalized terms in
the Plan shall be defined as set forth in the Plan (including the definition provisions of Article 8).


 


Article 2

AWARDS


 


Section
2.1           General. Any Award may be granted
singularly, in combination with another Award (or Awards), or in tandem whereby the exercise or vesting of one (1) Award held by
a Participant cancels another Award held by the Participant. Each Award shall be subject to the provisions of the Plan and such
additional provisions as the Committee may provide with respect to such Award and as may be evidenced in the Award Agreement. Subject
to the provisions of Section 3.4(b), an Award may be granted as an alternative to or replacement of an existing Award or
an award under any other plan of the Company or a Subsidiary, or as the form of payment for grants or rights earned or due under
any other compensation plan or arrangement of the Company or a Subsidiary, including the plan of any entity acquired by the Company
or a Subsidiary. The types of Awards that may be granted include the following:


 


(a)          Stock
Options. A stock option represents the right to purchase Shares at an exercise price established by the Committee. Any stock
option may be either an ISO or a nonqualified stock option that is not intended to be an ISO. No ISOs may be (i) granted after
the ten (10)-year anniversary of the Effective Date or (ii) granted to a non-employee. To the extent the aggregate Fair Market
Value (determined at the time of grant) of Shares with respect to which ISOs are exercisable for the first time by any Participant
during any calendar year under all plans of the Company and its Subsidiaries exceeds one hundred thousand dollars ($100,000), the
stock options or portions thereof that exceed such limit shall be treated as nonqualified stock options. Unless otherwise specifically
provided by the Award Agreement, any stock option granted under the Plan shall be a nonqualified stock option. All or a portion
of any ISO granted under the Plan that does not qualify as an ISO for any reason shall be deemed to be a nonqualified stock option.
In addition, any ISO granted under the Plan may be unilaterally modified by the Committee to disqualify such stock option from
ISO treatment such that it shall become a nonqualified stock option.


 


(b)          Stock
Appreciation Rights.  A stock appreciation right (an “SAR”) is a right to receive, in cash, Shares
or a combination of both (as shall be reflected in the respective Award Agreement), an amount equal to or based upon the excess
of (i) the Fair Market Value at the time of exercise of the SAR over (ii) an exercise price established by the Committee.


 




     


     


    

 


(c)          Stock
Awards.  A stock award is a grant of Shares or a right to receive Shares (or their cash equivalent or a combination of
both, as shall be reflected in the respective Award Agreement, excluding Awards designated as stock options, SARs, or cash incentive
awards by the Committee) based on the satisfaction of such conditions as may be established by the Committee. Such Awards may include
bonus shares, performance shares, performance units, restricted stock, restricted stock units, or any other equity-based Award
as determined by the Committee.


 


(d)          Cash
Incentive Awards.  A cash incentive award is the grant of a right to receive a payment of cash (or Stock having a value
equivalent to the cash otherwise payable, excluding Awards designated as stock options, SARs, or stock awards by the Committee,
all as shall be reflected in the respective Award Agreement), determined on an individual basis or as an allocation of an incentive
pool that is contingent on the achievement of performance objectives established by the Committee.


 


Section
2.2           Exercise of Stock Options and SARs. 
A stock option or SAR shall be exercisable in accordance with such provisions as may be established by the Committee; provided,
however, that a stock option or SAR shall expire no later than ten (10) years after its grant date (five (5) years in the
case of an ISO with respect to a 10% Stockholder).  The exercise price of each stock option and SAR shall be not less than
one hundred percent (100%) of the Fair Market Value on the grant date (or, if greater, the par value of a Share); provided,
however, that the exercise price of an ISO shall be not less than one hundred ten percent (110%) of Fair Market Value
on the grant date in the case of a 10% Stockholder; and provided, further, that, to the extent permitted under Code
Section 409A, and subject to Section 3.4(b), the exercise price may be higher or lower in the case of stock options and
SARs granted in replacement of existing awards held by an employee, director, or service provider granted by an acquired entity. 
The payment of the exercise price of a stock option shall be by cash or, subject to limitations imposed by applicable law, by any
of the following means unless otherwise determined by the Committee from time to time: (a) by tendering, either actually or
by attestation, Shares acceptable to the Committee and valued at Fair Market Value as of the day of exercise; (b) by irrevocably
authorizing a third party, acceptable to the Committee, to sell Shares acquired upon exercise of the stock option and to remit
to the Company no later than the third (3rd) business day following exercise a sufficient portion of the sale proceeds to pay the
entire exercise price and any tax withholding resulting from such exercise; (c) by payment through a net exercise such that, without
the payment of any funds, the Participant may exercise the option and receive the net number of Shares equal in value to (i) the
number of Shares as to which the option is being exercised, multiplied by (ii) a fraction, the numerator of which is the Fair Market
Value (on the date of exercise) less the exercise price, and the denominator of which is such Fair Market Value (the number of
net Shares to be received shall be rounded down to the nearest whole number of Shares); (d) by personal, certified, or cashiers’
check; (e) by other property deemed acceptable by the Committee; or (f) by any combination thereof.


 


Section
2.3           Performance-Based Compensation. Any
Award that is intended to be Performance-Based Compensation shall be conditioned on the achievement of one (1) or more objective
performance measures, to the extent required by Code Section 162(m), as may be determined by the Committee. The grant of any Award
and the establishment of performance measures that are intended to be Performance-Based Compensation shall occur during the period
required under Code Section 162(m).


 


(a)          Performance
Measures.  The performance measures described in this Section 2.3 may be based on any one (1) or more of the following:
earnings (e.g., earnings before interest and taxes; earnings before interest, taxes, depreciation, and amortization; and
earnings per share; each as may be defined by the Committee); financial return ratios (e.g., return on investment; return
on invested capital; return on equity; and return on assets; each as may be defined by the Committee); “Texas ratio”;
expense ratio; efficiency ratio; increase in revenue, operating, or net cash flows; cash flow return on investment; total stockholder
return; market share; net operating income, operating income, or net income; debt load reduction; loan and lease losses; expense
management; economic value added; stock price; book value; overhead; assets; asset quality level; assets per employee; charge offs;
loan loss reserves; loans; deposits; nonperforming assets; growth of loans, deposits, or assets; interest sensitivity gap levels;
regulatory compliance; improvement of financial rating; achievement of balance sheet or income statement objectives; improvements
in capital structure; profitability; profit margins; budget comparisons or strategic business objectives, consisting of one (1)
or more objectives based on meeting specific cost targets, business expansion goals, and goals relating to acquisitions or divestitures.
Performance measures may be based on the performance of the Company as a whole or of any one (1) or more Subsidiaries, business
units, or financial reporting segments of the Company or a Subsidiary, or any combination thereof, and may be measured relative
to a peer group, an index, or a business plan.


 




     


     


    

 


(b)          Partial
Achievement.  An Award may provide that partial achievement of the performance measures may result in payment or vesting
based upon the degree of achievement. In addition, partial achievement of performance measures shall apply toward a Participant’s
individual limitations as set forth in Section 3.3.


 


(c)          Extraordinary
Items.  In establishing any performance measures, the Committee may provide for the exclusion of the effects of the following
items, to the extent identified in the audited financial statements of the Company, including footnotes, or in the Management’s
Discussion and Analysis section of the Company’s annual report: (i) extraordinary, unusual, or nonrecurring items of
gain or loss, including non-cash refinancing charges; (ii) gains or losses on the disposition of a business; (iii) changes in tax
or accounting principles, regulations, or laws; (iv) mergers or acquisitions; and (v) such other items permitted from time
to time hereafter under the regulations promulgated under Code Section 162(m).  To the extent not specifically excluded, such
effects shall be included in any applicable performance measure.


 


(d)          Adjustments.
Pursuant to this Section 2.3, in certain circumstances the Committee may adjust performance measures; provided, however,
that no adjustment may be made with respect to an Award that is intended to be Performance-Based Compensation, except to the extent
the Committee exercises such negative discretion as is permitted under Code Section 162(m). If the Committee determines that a
change in the business, operations, corporate structure, or capital structure of the Company or the manner in which the Company
or a Subsidiary conducts its business or other events or circumstances render current performance measures to be unsuitable, the
Committee may modify such performance measures, in whole or in part, as the Committee deems appropriate. If a Participant is promoted,
demoted, or transferred to a different business unit during a performance period, the Committee may determine that the selected
performance measures or applicable performance period are no longer appropriate, in which case, the Committee, in its sole discretion,
may (i) adjust, change, or eliminate the performance measures or change the applicable performance period or (ii) cause
to be made a cash payment to the Participant in an amount determined by the Committee.


 


Section
2.4           Dividends and Dividend Equivalents. 
Any Award may provide the Participant with the right to receive dividend payments or dividend equivalent payments with respect
to Shares subject to the Award, which payments may be made currently or credited to an account for the Participant, may be settled
in cash or Shares, and may be subject to terms or provisions similar to the underlying Award.


 


Section
2.5           Forfeiture of Awards. Unless specifically
provided to the contrary in an Award Agreement, upon notification of Termination of Service for Cause, any outstanding Award held
by a Participant, whether vested or unvested, shall terminate immediately, such Award shall be forfeited, and the Participant shall
have no further rights thereunder.


 


Section
2.6           Deferred Compensation. The Plan is,
and all Awards are, intended to be exempt from (or, in the alternative, to comply with) Code Section 409A, and each shall be construed,
interpreted, and administered accordingly. The Company does not guarantee that any benefits that may be provided under the Plan
will satisfy all applicable provisions of Code Section 409A. If any Award would be considered “deferred compensation”
under Code Section 409A, the Committee reserves the absolute right (including the right to delegate such right) to unilaterally
amend the Plan or the applicable Award Agreement, without the consent of the Participant, to avoid the application of, or to maintain
compliance with, Code Section 409A. Any amendment by the Committee of the Plan or an Award Agreement pursuant to this Section
2.6 shall maintain, to the extent practicable, the original intent of the applicable provision without violating Code Section
409A. A Participant’s acceptance of any Award shall be deemed to constitute the Participant’s acknowledgment of, and
consent to, the rights of the Committee under this Section 2.6, without further consideration or action. Any discretionary
authority retained by the Committee pursuant to the terms of the Plan or pursuant to an Award Agreement shall not be applicable
to an Award that is determined to constitute deferred compensation, if such discretionary authority would contravene Code Section
409A.


 


Article 3

SHARES SUBJECT TO PLAN


 


Section
3.1           Available Shares.  The Shares
with respect to which Awards may be granted shall be Shares currently authorized but unissued, currently held, or, to the extent
permitted by applicable law, subsequently acquired by the Company, including Shares purchased in the open market or in private
transactions.


 




     


     


    

 


Section
3.2           Share Limitations. 


 


(a)          Share
Reserve. Subject to the following provisions of this Section 3.2, the maximum number of Shares that may be delivered under
the Plan shall be 250,000 (all of which may be granted as ISOs and all of which may be granted as full value awards). The maximum
number of Shares available for delivery under the Plan (including the number that may be granted as ISOs) and the number of Shares
subject to outstanding Awards shall be subject to adjustment as provided in Section 3.4.


 


(b)          Reuse
of Shares.  


 


(i)          To
the extent any Shares covered by an Award are not delivered to a Participant or beneficiary for any reason, including because the
Award is forfeited (including unvested stock awards), canceled, or settled in cash, such Shares shall not be deemed to have been
delivered for purposes of determining the maximum number of Shares available for delivery under the Plan and shall again become
eligible for delivery under the Plan. 


 


(ii)         With
respect to SARs that are settled in Shares, only Shares actually delivered shall be counted for purposes of determining the maximum
number of Shares available for delivery under the Plan.


 


(iii)        If
the exercise price of any stock option granted under the Plan is satisfied by tendering Shares to the Company (whether by actual
delivery or by attestation and whether or not such surrendered Shares were acquired pursuant to an award) or by the net exercise
of the award, only the number of Shares delivered net of the Shares tendered shall be deemed delivered for purposes of determining
the maximum number of Shares available for delivery under the Plan.


 


(iv)        If
the withholding tax liabilities arising from an Award are satisfied by the tendering of Shares to the Company (whether by actual
delivery or by attestation and whether or not such tendered Shares were acquired pursuant to an award) or by the withholding of
or reduction of Shares by the Company, such Shares shall be deemed to have been delivered for purposes of determining the maximum
number of Shares available for delivery under the Plan.


 


Section
3.3           Limitations on Grants to Individuals.
The following limitations shall apply with respect to Awards:


 


(a)          Stock
Options and SARs.  The maximum number of Shares that may be subject to stock options or SARs granted to any one (1) Participant
during any calendar year that are intended to be Performance-Based Compensation, and then only to the extent that such limitation
is required by Code Section 162(m), shall be 100,000. For purposes of this Section 3.3(a), if a stock option is granted
in tandem with an SAR, such that the exercise of the option or SAR with respect to a Share cancels the tandem SAR or option right,
respectively, with respect to such Share, the tandem option and SAR rights with respect to each Share shall be counted as covering
one (1) Share for purposes of applying the limitations of this Section 3.3(a).


 


(b)          Stock
Awards.  The maximum number of Shares that may be subject to stock awards that are granted to any one (1) Participant
during any calendar year and are intended to be Performance-Based Compensation, and then only to the extent that such limitation
is required by Code Section 162(m), shall be 100,000.


 


(c)          Cash
Incentive Awards and Stock Awards Settled in Cash.  The maximum dollar amount that may be payable to any one (1) Participant
pursuant to cash incentive awards and cash-settled stock awards that are granted to any one (1) Participant during any calendar
year and are intended to be Performance-Based Compensation, and then only to the extent that such limitation is required by Code
Section 162(m), shall be $500,000.


 


(d)          Dividends,
Dividend Equivalents and Earnings.  For purposes of determining whether an Award is intended to be qualified as Performance-Based
Compensation under the foregoing limitations of this Section 3.3, (i) the right to receive dividends and dividend equivalents
with respect to any Award that is not yet vested shall be treated as a separate Award, and (ii) if the delivery of any Shares or
cash under an Award is deferred, any earnings, including dividends and dividend equivalents, shall be disregarded.


 




     


     


    

 


(e)          Partial
Performance. Notwithstanding the preceding provisions of this Section 3.3, if in respect of any performance period or
restriction period, the Committee grants to a Participant Awards having an aggregate dollar value and/or number of Shares less
than the maximum dollar value and/or number of Shares that could be paid or awarded to such Participant based on the degree to
which the relevant performance measures were attained, the excess of such maximum dollar value and/or number of Shares over the
aggregate dollar value and/or number of Shares actually subject to Awards granted to such Participant shall be carried forward
and shall increase the maximum dollar value and/or the number of Shares that may be awarded to such Participant in respect of the
next performance period or restriction period in respect of which the Committee grants to such Participant an Award intended to
qualify as Performance-Based Compensation, subject to adjustment pursuant to Section 3.4.


 


(f)          Director
Awards.


 


(i)          The
maximum number of Shares that may be subject to stock options or SARs granted to any one (1) Director Participant during any
calendar year shall be 25,000.


 


(ii)         The
maximum number of Shares that may be subject to stock awards that are granted to any one (1) Director Participant during any
calendar year shall be 25,000.


 


(iii)        The
foregoing limitations shall not apply to cash-based director fees that a Director elects to receive in the form of Shares or Share-based
units equal in value to the cash-based director fees.


 


Section
3.4           Corporate Transactions; No Repricing.


 


(a)          Adjustments.
To the extent permitted under Code Section 409A, to the extent applicable, in the event of a corporate transaction involving the
Company or the Shares (including any stock dividend, stock split, extraordinary cash dividend, recapitalization, reorganization,
merger, consolidation, split-up, spin-off, combination, or exchange of shares), all outstanding Awards, the number of Shares available
for delivery under the Plan under Section 3.2, and each of the specified limitations set forth in Section 3.3 shall
be adjusted automatically to proportionately and uniformly reflect such transaction (but only to the extent that such adjustment
will not negatively affect the status of an Award intended to qualify as Performance-Based Compensation, if applicable); provided,
however, that, subject to Section 3.4(b), the Committee may otherwise adjust Awards (or prevent such automatic adjustment)
as it deems necessary, in its sole discretion, to preserve the benefits or potential benefits of the Awards and the Plan. 
Action by the Committee under this Section 3.4(a) may include: (i) adjustment of the number and kind of shares that
may be delivered under the Plan; (ii) adjustment of the number and kind of shares subject to outstanding Awards; (iii) adjustment
of the exercise price of outstanding stock options and SARs; and (iv) any other adjustments that the Committee determines to be
equitable (which may include (A) replacement of an Award with another award that the Committee determines has comparable value
and that is based on stock of a company resulting from a corporate transaction, and (B) cancellation of an Award in return
for cash payment of the current value of the Award, determined as though the Award were fully vested at the time of payment, provided
that in the case of a stock option or SAR, the amount of such payment shall be the excess of the value of the stock subject to
the option or SAR at the time of the transaction over the exercise price, and provided, further, that no such payment
shall be required in consideration for the cancellation of the Award if the exercise price is greater than the value of the stock
at the time of such corporate transaction).


 


(b)          No
Repricing. Notwithstanding any provision of the Plan to the contrary, no adjustment or reduction of the exercise price of any
outstanding stock option or SAR in the event of a decline in Stock price shall be permitted without approval by the Stockholders
or as otherwise expressly provided under Section 3.4(a). The foregoing prohibition includes (i) reducing the exercise
price of outstanding stock options or SARs, (ii) cancelling outstanding stock options or SARs in connection with the granting
of stock options or SARs with a lower exercise price to the same individual, (iii) cancelling stock options or SARs with an exercise
price in excess of the current Fair Market Value in exchange for a cash or other payment, and (iv) taking any other action that
would be treated as a repricing of a stock option or SAR under the rules of the primary securities exchange or similar entity on
which the Shares are listed.


 


Section
3.5           Delivery of Shares.  Delivery
of Shares or other amounts under the Plan shall be subject to the following:


 




     


     


    

 


(a)          Compliance
with Applicable Laws.  Notwithstanding any provision of the Plan to the contrary, the Company shall have no obligation
to deliver any Shares or make any other distribution of benefits under the Plan unless such delivery or distribution complies with
all applicable laws and the applicable requirements of any securities exchange or similar entity.


 


(b)          No
Certificates Required.  To the extent that the Plan provides for the delivery of Shares, the delivery may be effected
on a non-certificated basis, to the extent not prohibited by applicable law or the applicable rules of any securities exchange
or similar entity.


 


Article 4

CHANGE IN CONTROL


 


Section
4.1           Consequence of a Change in Control.
Subject to the provisions of Section 3.4 (relating to the adjustment of shares), and except as otherwise provided in the
Plan or in any Award Agreement, at the time of a Change in Control:


 


(a)          Subject
to any forfeiture and expiration provisions otherwise applicable to the respective Awards, all stock options and SARs under the
Plan then held by the Participant shall become fully exercisable immediately if, and all stock awards and cash incentive awards
under the Plan then held by the Participant shall become fully earned and vested immediately if,


 


(i)          The
Plan and the respective Award Agreements are not the obligations of the successor entity (whether the Company, a successor thereto,
or an assignee thereof); or 


 


(ii)         The
Plan and the respective Award Agreements are the obligations of the successor entity (whether the Company, a successor thereto,
or an assignee thereof) and the Participant incurs a Termination of Service without Cause or by the Participant for Good Reason
within twenty-four (24) months following such Change in Control.


 


(b)          Notwithstanding
the foregoing provisions of this Section 4.1, if the vesting of an outstanding Award is conditioned upon the achievement
of performance measures, then such vesting shall be subject to the following:


 


(i)          If,
at the time of the Change in Control, the established performance measures are less than fifty percent (50%) attained (as determined
in the sole discretion of the Committee, but in any event, based pro rata in accordance with time lapsed through the date of the
Change in Control in the event of any period-based performance measures), then such Award shall become vested and exercisable on
a fractional basis with the numerator being equal to the percentage of attainment and the denominator being fifty percent (50%)
upon the Change in Control.


 


(ii)         If,
at the time of the Change in Control, the established performance measures are at least fifty percent (50%) attained (as determined
in the sole discretion of the Committee, but in any event based pro rata in accordance with time lapsed through the date of the
Change in Control in the event of any period-based performance measures), then such Award shall become fully earned and vested
immediately upon the Change in Control.


 


Section
4.2           Definition of Change in Control. 


 


(a)          “Change
in Control” means the first to occur of the following:


 


(i)          The
consummation of the acquisition by any “person” (as such term is defined in Section 13(d) or 14(d) of the Exchange
Act) of “beneficial ownership” (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than fifty
percent (50%) of the combined voting power of the then outstanding Voting Securities of the Company;


 


(ii)         During
any twelve (12)-month period, the individuals who, as of the Effective Date, are members of the Board cease for any reason to constitute
a majority of the Board, unless the election, or nomination for election by the Company’s stockholders, of any new director
was approved by a vote of a majority of the Board, in which case such new director shall, for purposes of the Plan, be considered
as a member of the Board; or


 




     


     


    

 


(iii)        The
consummation by the Company of: (A) a merger or consolidation if the Company’s stockholders immediately before such merger
or consolidation do not, as a result of such merger or consolidation, own, directly or indirectly, more than fifty percent (50%)
of the combined voting power of the then outstanding Voting Securities of the entity resulting from such merger or consolidation
in substantially the same proportion as their ownership of the combined voting power of the Voting Securities of the Company outstanding
immediately before such merger or consolidation; or (B) a complete liquidation or dissolution of, or an agreement for the sale
or other disposition of all or substantially all of the assets of, the Company.


 


(b)          Notwithstanding
any provision of this definition to the contrary, a Change in Control shall not be deemed to have occurred solely because more
than fifty percent (50%) of the combined voting power of the then outstanding securities of the Company are acquired by (i) a trustee
or other fiduciary holding securities under one (1) or more employee benefit plans maintained by the Company or a Subsidiary or
(ii) any corporation that, immediately prior to such acquisition, is owned directly or indirectly by the Company’s stockholders
in the same proportion as their ownership of Stock immediately prior to such acquisition.


 


(c)          Further
notwithstanding any provision of this definition to the contrary, in the event that any amount or benefit under the Plan constitutes
deferred compensation under Code Section 409A and the settlement of or distribution of such amount or benefit is to be triggered
by a Change in Control, then such settlement or distribution shall be subject to the event constituting the Change in Control also
constituting a “change in control event” (as defined in Code Section 409A).


 


Article 5

COMMITTEE


 


Section
5.1           Administration.  The authority
to control and manage the operation and administration of the Plan shall be vested in the Committee in accordance with this Article
5.  The Committee shall be selected by the Board, provided that the Committee shall consist of two (2) or more
members of the Board, each of whom is a “non-employee director” (within the meaning of Rule 16b-3 promulgated under
the Exchange Act), an “outside director” (within the meaning of Code Section 162(m)) and an “independent director”
(within the meaning of the rules of the securities exchange that then constitutes the principal listing for the Stock). Subject
to the applicable rules of any securities exchange or similar entity, if the Committee does not exist, or for any other reason
determined by the Board, the Board may take any action under the Plan that would otherwise be the responsibility of the Committee.


 


Section
5.2           Powers of Committee.  The Committee’s
administration of the Plan shall be subject to the other provisions of the Plan and the following:


 


(a)          The
Committee shall have the authority and discretion to select from among the Company’s and the Subsidiary’s employees,
directors, and service providers those persons who shall receive Awards, to determine the time or times of receipt, to determine
the types of Awards and the number of Shares covered by the Awards, to establish the terms of Awards, to cancel or suspend Awards,
and to reduce or eliminate any restrictions or vesting requirements applicable to an Award at any time after the grant of the Award.


 


(b)          In
the event that the Committee determines that it is advisable to grant Awards that do not qualify for the exception for Performance-Based
Compensation from the tax deductibility limitations of Code Section 162(m), the Committee may grant such Awards without satisfying
the requirements of Code Section 162(m).


 


(c)          The
Committee shall have the authority and discretion to interpret the Plan, to establish, amend, and rescind any rules and regulations
relating to the Plan, and to make all other determinations that may be necessary or advisable for the administration of the Plan.


 


(d)          The
Committee shall have the authority to define terms not otherwise defined in the Plan.


 




     


     


    

 


(e)          Any
interpretation of the Plan by the Committee and any decision made by it under the Plan shall be final and binding on all persons.


 


(f)          In
controlling and managing the operation and administration of the Plan, the Committee shall take action in a manner that conforms
to the articles and bylaws of the Company and to all applicable law.


 


Section
5.3           Delegation by Committee.  Except
to the extent prohibited by applicable law, the applicable rules of any securities exchange or similar entity, the Plan, or the
charter of the Committee, or as necessary to comply with the exemptive provisions of Rule 16b-3 of the Exchange Act or of Code
Section 162(m), the Committee may allocate all or any portion of its responsibilities and powers under the Plan to any one (1)
or more of its members and may delegate all or any part of its responsibilities and powers under the Plan to any person or persons
selected by it. The acts of such delegates shall be treated under the Plan as acts of the Committee and such delegates shall report
regularly to the Committee regarding the delegated duties and responsibilities and any Awards granted. Any such allocation or delegation
may be revoked by the Committee at any time.


 


Section
5.4           Information to be Furnished to Committee. 
As may be permitted by applicable law, the Company and each Subsidiary shall furnish the Committee with such data and information
as it determines may be required for it to discharge its duties under the Plan.  The records of the Company and each Subsidiary
as to an employee’s or Participant’s employment, termination of employment, leave of absence, reemployment, and compensation
shall be conclusive with respect to all persons unless determined by the Committee to be manifestly incorrect.  Subject to
applicable law, Participants and other persons entitled to benefits under the Plan shall furnish the Committee such evidence, data,
or information as the Committee considers desirable to carry out the terms of the Plan.


 


Section
5.5           Expenses and Liabilities. All expenses
and liabilities incurred by the Committee in the administration and interpretation of the Plan or any Award Agreement shall be
borne by the Company. The Committee may employ attorneys, consultants, accountants, or other persons in connection with the administration
and interpretation of the Plan, and the Company, and its officers and directors, shall be entitled to rely upon the advice, opinions,
and valuations of any such persons.


 


Article 6

AMENDMENT AND TERMINATION


 


Section
6.1           General.  The Board may, as
permitted by law, at any time, amend or terminate the Plan, and may amend any Award Agreement; provided, however,
that no amendment or termination may (except as provided in Section 2.6, Section 3.4, and Section 6.2), in
the absence of written consent to the change by the affected Participant (or, if the Participant is not then living, the affected
beneficiary), impair the rights of any Participant or beneficiary under any Award granted prior to the date such amendment or termination
is adopted by the Board; and provided, further, that no amendment may (a) materially increase the benefits accruing
to Participants under the Plan, (b) materially increase the aggregate number of securities that may be delivered under the
Plan other than pursuant to Section 3.4, or (c) materially modify the requirements for participation in the Plan, unless
the amendment under (a), (b) or (c) immediately above is approved by the Stockholders.


 


Section
6.2           Amendment to Conform to Law. 
Notwithstanding any provision of the Plan or an Award Agreement to the contrary, the Committee may amend the Plan or any Award
Agreement, to take effect retroactively or otherwise, as deemed necessary or advisable for the purpose of conforming the Plan or
the Award Agreement to any applicable law. By accepting an Award, the Participant shall be deemed to have acknowledged and consented
to any amendment to an Award made pursuant to this  Section 6.2, Section 2.6, or Section 3.4, without
further consideration or action.


 




     


     


    

 


Article 7

GENERAL TERMS


 


Section
7.1           No Implied Rights.


 


(a)          No
Rights to Specific Assets.  No person shall by reason of participation in the Plan acquire any right in or title to any
assets, funds, or property of the Company or any Subsidiary, including any specific funds, assets, or other property that the Company
or a Subsidiary, in its sole discretion, may set aside in anticipation of a liability under the Plan.  A Participant shall
have only a contractual right to the Shares or amounts, if any, distributable in accordance with the provisions of the Plan, unsecured
by any assets of the Company or any Subsidiary, and nothing contained in the Plan or an Award Agreement shall constitute a guarantee
that the assets of the Company or any Subsidiary shall be sufficient to provide any benefits to any person.


 


(b)          No
Contractual Right to Employment or Future Awards.  The Plan does not constitute a contract of employment, and selection
as a Participant shall not give any person the right to be retained in the service of the Company or a Subsidiary or any right
or claim to any benefit under the Plan, unless such right or claim has specifically accrued under the Plan.  No individual
shall have the right to be selected to receive an Award, or, having been so selected, to receive a future Award.


 


(c)          No
Rights as a Stockholder. Except as otherwise provided in the Plan, no Award shall confer upon the holder thereof any rights
as a Stockholder prior to the date on which the individual fulfills all conditions for receipt of such rights.


 


Section
7.2           Transferability.  Except as
otherwise provided by the Committee, Awards are not transferable except as designated by the Participant by will or by the laws
of descent and distribution or pursuant to a domestic relations order. The Committee shall have the discretion to permit the transfer
of Awards; provided, however, that such transfers shall be limited to immediate family members of Participants, trusts,
partnerships, limited liability companies, and other entities that are permitted to exercise rights under Awards in accordance
with Form S-8 established for the primary benefit of such family members; and provided, further, that such transfers shall
not be made for value to the Participant.


 


Section
7.3           Designation of Beneficiaries. 
A Participant hereunder may file with the Company a designation of a beneficiary or beneficiaries under the Plan and may from time
to time revoke or amend any such designation. Any designation of beneficiary under the Plan shall be controlling over any other
disposition, testamentary or otherwise; provided, however, that if the Committee is in doubt as to the entitlement of any
such beneficiary to any Award, the Committee may determine to recognize only the legal representative of the Participant in which
case the Company, the Committee, and the members thereof shall not have any further liability to anyone.


 


Section
7.4           Non-Exclusivity.  Neither the
adoption of the Plan by the Board nor the submission of the Plan to the Stockholders for approval shall be construed as creating
any limitations on the power of the Board or the Committee to adopt such other incentive arrangements as either may deem desirable,
including the granting of restricted stock, stock options, or other equity awards otherwise than under the Plan or an arrangement
that is or is not intended to qualify under Code Section 162(m), and such arrangements may be either generally applicable or applicable
only in specific cases.


 


Section
7.5           Award Agreement.  Each Award
shall be evidenced by an Award Agreement. A copy of the Award Agreement, in any medium chosen by the Committee, shall be made available
to the Participant, and the Committee may require that the Participant sign a copy of the Award Agreement.


 


Section
7.6           Form and Time of Elections.  Unless
otherwise specified in the Plan, each election required or permitted to be made by any Participant or other person entitled to
benefits under the Plan, and any permitted modification, or revocation thereof, shall be filed with the Company at such times,
in such form, and subject to such terms or conditions, not inconsistent with the provisions of the Plan, as the Committee may require.


 


Section
7.7           Evidence.  Evidence required
of anyone under the Plan may be by certificate, affidavit, document, or other information that the person acting on it considers
pertinent and reliable, and signed, made, or presented by the proper party or parties.


 




     


     


    

 


Section
7.8           Tax Withholding.  All distributions
under the Plan shall be subject to withholding of all applicable taxes and the Committee may condition the delivery of any Shares
or other benefits under the Plan on satisfaction of the applicable withholding obligations.  Except as otherwise provided
by the Committee, such withholding obligations may be satisfied (a) through cash payment by the Participant; (b) through
the surrender of Shares that the Participant already owns, or (c) through the surrender of Shares to which the Participant
is otherwise entitled under the Plan; provided, however, that except as otherwise specifically provided by the Committee,
such Shares under clause (c) may not be used to satisfy more than the Company’s minimum statutory withholding obligation.


 


Section
7.9           Successors.  All obligations
of the Company under the Plan shall be binding upon and inure to the benefit of any successor to the Company.


 


Section
7.10         Indemnification.  To the fullest extent
permitted by law, each person who is or shall have been a member of the Committee or the Board, or an officer of the Company to
whom authority was delegated in accordance with Section 5.3, or an employee of the Company shall be indemnified and held
harmless by the Company against and from any loss (including amounts paid in settlement), cost, liability, or expense (including
reasonable attorneys’ fees) that may be imposed upon or reasonably incurred by him or her in connection with or resulting
from any claim, action, suit, or proceeding to which he or she may be a party or in which he or she may be involved by reason of
any action taken or failure to act under the Plan, and against and from any and all amounts paid by him or her in settlement thereof,
with the Company’s approval, or paid by him or her in satisfaction of any judgment in any such action, suit, or proceeding
against him or her (provided that he or she shall give the Company an opportunity, at its own expense, to handle and defend
the same before he or she undertakes to handle and defend it on his or her own behalf), unless such loss, cost, liability, or expense
is a result of his or her own willful misconduct or except as expressly provided by statute. The foregoing right of indemnification
shall not be exclusive of any other rights of indemnification to which such persons may be entitled under the Company’s charter
or bylaws, as a matter of law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless.


 


Section
7.11         No Fractional Shares.  Unless otherwise
permitted by the Committee, no fractional Shares shall be delivered pursuant to the Plan or any Award. The Committee shall determine
whether cash, Shares, or other property shall be delivered or paid in lieu of fractional Shares or whether such fractional Shares
or any rights thereto shall be forfeited or otherwise eliminated.


 


Section
7.12         Governing Law.  The Plan, all Awards, and
all actions taken in connection herewith and therewith shall be governed by and construed in accordance with the laws of the State
of Delaware without reference to principles of conflict of laws, except as superseded by applicable federal law.


 


Section
7.13         Benefits under Other Plans.  Except as
otherwise provided by the Committee, Awards granted to a Participant (including the grant and the receipt of benefits) shall be
disregarded for purposes of determining the Participant’s benefits under, or contributions to, any qualified retirement plan,
nonqualified plan, and any other benefit plan maintained by the Participant’s employer.


 


Section
7.14         Validity.  If any provision of the Plan
is determined to be illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining provisions
of the Plan, and the Plan shall be construed and enforced as if such illegal or invalid provision had never been included in the
Plan.


 


Section
7.15         Notice.  Unless provided otherwise in an
Award Agreement or policy adopted from time to time by the Committee, all communications to the Company provided for in the Plan,
or any Award Agreement, shall be delivered personally or sent by registered or certified mail, return receipt requested, postage
prepaid (provided that international mail shall be sent via overnight or two (2)-day
delivery) or by prepaid overnight courier to the Company at the address set forth below:


 




     


     


    

 


Landmark Bancorp, Inc.


Attention: Corporate Secretary


701 Poyntz Avenue


Manhattan, Kansas 66505


 


Such communications shall
be deemed given:


 


(a)          In
the case of delivery by overnight service with guaranteed next day delivery, the next day or the day designated for delivery; and


 


(b)          In
the case of certified or registered U.S. mail, five (5) days after deposit in the U.S. mail;


 


provided, however, that in no event shall any communication
be deemed to be given later than the date it is actually received, provided it is actually received. In the event a communication
is not received, it shall be deemed received only upon the showing of an original of the applicable receipt, registration, or confirmation
from the applicable delivery service provider. Communications that are to be delivered by U.S. mail or by overnight service to
the Company shall be directed to the attention of the Company’s senior human resources officer and corporate secretary.


 


Section
7.16         Clawback Policy. Any Award, amount, or benefit
received under the Plan shall be subject to potential cancellation, recoupment, rescission, payback, or other similar action in
accordance with any applicable Company clawback policy (the “Policy”) or any applicable law. A Participant’s
receipt of an Award shall be deemed to constitute the Participant’s acknowledgment of and consent to the Company’s
application, implementation, and enforcement of (i) the Policy and any similar policy established by the Company, whether
adopted prior to or following the making of any Award and (ii) any provision of applicable law relating to cancellation, rescission,
payback, or recoupment of compensation, as well as the Participant’s express agreement that the Company may take such actions
as are necessary to effectuate the Policy, any similar policy, and applicable law, without further consideration or action.


 


Section
7.17         Breach of Restrictive Covenants. Except as otherwise
provided by the Committee, notwithstanding any provision of the Plan to the contrary, if the Participant breaches a non-competition,
non-solicitation, non-disclosure, non-disparagement, or other restrictive covenant set forth in an Award Agreement or any other
agreement between the Participant and the Company or a Subsidiary, whether during or after the Participant’s Termination
of Service, in addition to any other penalties or restrictions that may apply under any such agreement, state law, or otherwise,
the Participant shall forfeit or pay to the Company:


 


(a)          Any
and all outstanding Awards granted to the Participant, including Awards that have become vested or exercisable;


 


(b)          Any
Shares held by the Participant in connection with the Plan that were acquired by the Participant after the Participant’s
Termination of Service and within the twelve (12)-month period immediately preceding the Participant’s Termination of
Service;


 


(c)          The
profit realized by the Participant from the exercise of any stock options and SARs that the Participant exercised after the Participant’s
Termination of Service and within the twelve (12)-month period immediately preceding the Participant’s Termination of
Service, which profit is the difference between the exercise price of the stock option or SAR and the Fair Market Value of any
Shares or cash acquired by the Participant upon exercise of such stock option or SAR; and


 


(d)          The
profit realized by the Participant from the sale, or other disposition for consideration, of any Shares received by the Participant
in connection with the Plan after the Participant’s Termination of Service, and within the twelve (12)-month period
immediately preceding the Participant’s Termination of Service where such sale or disposition occurs in such similar time
period.


 




     


     


    

 


Article 8

DEFINED TERMS; CONSTRUCTION


 


Section
8.1           In addition to the other definitions contained
in the Plan, unless otherwise specifically provided in an Award Agreement, the following definitions shall apply:


 


(a)          “10%
Stockholder” means an individual who, at the time of grant, owns Voting Securities possessing more than ten percent (10%)
of the total combined voting power of the Voting Securities.


 


(b)          “Award”
means an award under the Plan.


 


(c)          “Award
Agreement” means the document that evidences the terms and conditions of an Award. Such document shall be referred to
as an agreement regardless of whether a Participant’s signature is required.


 


(d)          “Board”
means the Board of Directors of the Company.


 


(e)          If
the Participant is subject to an employment agreement (or other similar agreement) with the Company or a Subsidiary that provides
a definition of termination for “cause” (or the like), then, for purposes of the Plan, the term “Cause”
has the meaning set forth in such agreement; and in the absence of such a definition, “Cause” means:


 


(i)          The
Participant’s willful and continuing failure to perform the Participant’s obligations to the Company or a Subsidiary;


 


(ii)         The
Participant’s conviction of, or plea of nolo contendere to, a crime of embezzlement or fraud or any felony under the
laws of the United States or any state thereof;


 


(iii)        The
Participant’s breach of fiduciary responsibility;


 


(iv)        An
act of dishonesty by the Participant that is injurious to the Company or a Subsidiary;


 


(v)         The
Participant’s engagement in one (1) or more unsafe or unsound banking practices that has an adverse effect on the Company
or a Subsidiary;


 


(vi)        The
Participant’s removal or permanent suspension from banking pursuant to Section 8(e) of the FDIA or any other applicable state
or federal law;


 


(vii)       An
act or omission by the Participant that leads to a harm (financial or reputational or otherwise) to the Company or a Subsidiary;
or


 


(viii)      A
material breach by the Participant of Company policies as may be in effect from time to time.


 


Further, a termination
for Cause shall be deemed to have occurred if, within twelve (12) months following the termination, facts and circumstances arising
during the course of such employment are discovered that would have warranted a termination for Cause.


 


Further, all rights
the Participant has or may have under the Plan shall be suspended automatically during the pendency of any investigation by the
Board or its designee or any negotiations between the Board or its designee and the Participant regarding any actual or alleged
act or omission by the Participant of the type that would warrant a termination for Cause, and any such suspension shall not give
rise to a claim of Good Reason by the Participant.


 


(f)          “Change
in Control” has the meaning set forth in Section 4.2.


 


(g)          “Code”
means the Internal Revenue Code of 1986.


 




     


     


    

 


(h)          “Committee”
means the Committee acting under Article 5, and in the event a Committee is not currently appointed, the Board.


 


(i)          “Company”
means Landmark Bancorp, Inc., a Delaware corporation.


 


(j)          “Director
Participant” means a Participant who is a member of the Board or the board of directors of a Subsidiary.


 


(k)          “Disability”
means the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical
or mental impairment that can be expected to result in death or last for a continuous period of not less than twelve (12) months,
or is, by reason of any medically determinable physical or mental impairment that can be expected to result in death or last for
a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three
(3) months under an accident or health plan covering the Company’s or a Subsidiary’s employees.


 


(l)          “Effective
Date” has the meaning set forth in Section 1.1.


 


(m)          “Exchange
Act” means the Securities Exchange Act of 1934.


 


(n)          “Fair
Market Value” means, as of any date, the officially-quoted closing selling price of the Shares on such date on the principal
national securities exchange on which Shares are listed or admitted to trading or, if there have been no sales with respect to
Shares on such date, such price on the most immediately preceding date on which there have been such sales, or if the Shares are
not so listed or admitted to trading, the Fair Market Value shall be the value established by the Committee in good faith and,
to the extent required, in accordance with Code Sections 422 and 409A.


 


(o)          “FDIA”
means the Federal Deposit Insurance Act.


 


(p)          “Form
S-8” means a Registration Statement on Form S-8 promulgated by the U.S. Securities and Exchange Commission.


 


(q)          If
the Participant is subject to an employment agreement (or other similar agreement) with the Company or a Subsidiary that provides
a definition of termination for “good reason” (or the like), then, for purposes of the Plan, the term “Good
Reason” has the meaning set forth in such agreement; and in the absence of such a definition, “Good Reason”
means the occurrence of any one (1) of the following events, unless the Participant agrees in writing that such event shall not
constitute Good Reason:


 


(i)          A
material, adverse change in the nature, scope, or status of the Participant’s position, authorities, or duties from those
in effect immediately prior to the applicable Change in Control;


 


(ii)         A
material reduction in the Participant’s aggregate compensation or benefits in effect immediately prior to the applicable
Change in Control; or


 


(iii)        Relocation
of the Participant’s primary place of employment of more than twenty-five (25) miles from the Participant’s primary
place of employment immediately prior to the applicable Change in Control, or a requirement that the Participant engage in travel
that is materially greater than prior to the applicable Change in Control.


 


Notwithstanding any
provision of this definition to the contrary, prior to the Participant’s Termination of Service for Good Reason, the Participant
must give the Company written notice of the existence of any condition set forth in clause (i) – (iii) immediately above
within ninety (90) days of its initial existence and the Company shall have thirty (30) days from the date of such notice in which
to cure the condition giving rise to Good Reason, if curable. If, during such thirty (30)-day period, the Company cures the condition
giving rise to Good Reason, the condition shall not constitute Good Reason. Further notwithstanding any provision of this definition
to the contrary, in order to constitute a termination for Good Reason, such termination must occur within twelve (12) months of
the initial existence of the applicable condition.


 


(r)          “Incumbent
Board” means the members of the Board as of the Effective Date.


 




     


     


    

 


(s)          “ISO”
means a stock option that is intended to satisfy the requirements applicable to an “incentive stock option” described
in Code Section 422(b).


 


(t)          “Participant”
has the meaning set forth in Section 1.2.


 


(u)          “Performance-Based
Compensation” has the meaning set forth in Code Section 162(m).


 


(v)         “Plan”
means the Landmark Bancorp, Inc. 2015 Stock Incentive Plan.


 


(w)          “Policy”
has the meaning set forth in Section 7.16.


 


(x)          “SAR”
has the meaning set forth in Section 2.1(b).


 


(y)          “Securities
Act” means the Securities Act of 1933.


 


(z)          “Share”
means a share of Stock.


 


(aa)         “Stockholders”
means the stockholders of the Company.


 


(bb)         “Stock”
means the common stock of the Company, no par value per share.


 


(cc)         “Subsidiary”
means any corporation or other entity that would be a “subsidiary corporation” (as defined in Code Section 424(f))
with respect to the Company.


 


(dd)         “Termination
of Service” means the first day occurring on or after a grant date on which the Participant ceases to be an employee
and director of, and service provider to, the Company and each Subsidiary, regardless of the reason for such cessation, subject
to the following:


 


(i)          The
Participant’s cessation as an employee or service provider shall not be deemed to occur by reason of the Participant’s
being on a leave of absence from the Company or a Subsidiary approved by the Company or Subsidiary otherwise receiving the Participant’s
services.


 


(ii)         If,
as a result of a sale or other transaction, the Subsidiary for whom the Participant is employed (or to whom the Participant is
providing services) ceases to be a Subsidiary, and the Participant is not, following the transaction, an employee or director of,
or service provider to, the Company or an entity that is then a Subsidiary, then the occurrence of such transaction shall be treated
as the Participant’s Termination of Service caused by the Participant being discharged by the entity for whom the Participant
is employed or to whom the Participant is providing services.


 


(iii)        A
service provider, other than an employee or director, whose services to the Company or a Subsidiary are governed by a written agreement
with such service provider shall cease to be a service provider at the time the provision of service under such written agreement
ends (without renewal); and such a service provider whose services to the Company or a Subsidiary are not governed by a written
agreement with the service provider shall cease to be a service provider on the date that is ninety (90) days after the date the
service provider last provides services requested by the Company or a Subsidiary.


 


(iv)        Notwithstanding
the foregoing, in the event that any Award constitutes deferred compensation, the term Termination of Service shall be interpreted
by the Committee in a manner consistent with the definition of “separation from service” (as defined in Code Section
409A).


 


(ee)         “Voting
Securities” means any securities that ordinarily possess the power to vote in the election of directors without the happening
of any precondition or contingency.


 


Section
8.2           In the Plan, unless otherwise stated, the following
uses apply:


 


(a)          Actions
permitted under the Plan may be taken at any time in the actor’s reasonable discretion;


 




     


     


    

 


(b)          References
to a statute or law shall refer to the statute or law and any amendments and any successor statutes or laws, and to all regulations
promulgated under or implementing the statute or law, as amended, or its successors, as in effect at the relevant time;


 


(c)          In
computing periods from a specified date to a later specified date, the words “from” and “commencing on”
(and the like) mean “from and including,” and the words “to,” “until,” and “ending on”
(and the like) mean “to and including”;


 


(d)          References
to a governmental or quasi-governmental agency, authority, or instrumentality shall also refer to a regulatory body that succeeds
to the functions of the agency, authority, or instrumentality;


 


(e)          Indications
of time of day shall be based upon the time applicable to the location of the principal headquarters of the Company;


 


(f)          The
words “include,” “includes,” and “including” mean “include, without limitation,”
“includes, without limitation,” and “including, without limitation,” respectively;


 


(g)          All
references to articles and sections are to articles and sections in the Plan;


 


(h)          All
words used shall be construed to be of such gender or number as the circumstances and context require;


 


(i)          The
captions and headings of articles and sections appearing in the Plan have been inserted solely for convenience of reference and
shall not be considered a part of the Plan, nor shall any of them affect the meaning or interpretation of the Plan or any of its
provisions;


 


(j)          Any
reference to an agreement, plan, policy, form, document, or set of documents, and the rights and obligations of the parties under
any such agreement, plan, policy, form, document, or set of documents, shall mean such agreement, plan, policy, document, or set
of documents as amended from time to time, and any and all modifications, extensions, renewals, substitutions or replacements thereof;
and


 


(k)          All
accounting terms not specifically defined in the Plan shall be construed in accordance with GAAP.