Exhibit 4.5


 


 





QCR Holdings,
Inc.


 


2016 Equity Incentive
Plan


 


Nonqualified Stock
Option Award Agreement


 


The Participant specified below is hereby granted
a nonqualified stock option (the “Option”) by QCR Holdings, Inc.,
a Delaware corporation (the “Company”), under the QCR Holdings,
Inc. 2016 Equity Incentive
Plan (the “Plan”). The Option shall be subject to the terms of the Plan and the terms set forth in
this Nonqualified Stock Option Award Agreement (“Award Agreement”).


 


Section 1.                
Award. The Company hereby grants to the Participant the Option, which represents the right of the Participant to purchase
the number of Covered Shares at the Exercise Price set forth in Section 2 below, subject to the terms of this Award Agreement
and the Plan.


 


Section 2.                
Terms of Option Award. The following words and phrases relating to the Option shall have the following meanings:


 


(a)               
The “Participant” is ______________________________.


 


(b)              
The “Grant Date” is ______________________________.


 


(c)               
The number of “Covered Shares” is ____________________ Shares.


 


(d)              
The “Exercise Price” is $____________________ per Covered Share.


 


Except for words and phrases otherwise defined
in this Award Agreement, any capitalized word or phrase in this Award Agreement shall have the meaning ascribed to it in the Plan.


 


Section 3.                
Nonqualified Stock Option. The Option is not intended to satisfy the requirements applicable to an “incentive
stock option” described in Code Section 422(b).


 


Section 4.                
Vesting.


 


(a)               
Each installment of Covered Shares set forth in the table immediately below (each, an “Installment”) shall become
vested and exercisable on the “Vesting Date” for such Installment set forth in the table immediately below;
provided that the Participant’s Termination of Service has not occurred prior thereto:


 


	Installment	Vesting Date applicable to Installment
	___% of Covered Shares	 


 


(b)              
Notwithstanding the foregoing provisions of this Section 4, all the Covered Shares shall become fully vested and immediately
exercisable upon the Participant’s Termination of Service due to the Participant’s Disability or the Participant’s
death.


 


(c)               
Upon a Change in Control, the Option shall be treated in accordance with Section 4.1 of the Plan.


 



     

     

    




(d)              
The Option shall not be exercisable on or after the Participant’s Termination of Service, except as to that portion of Covered
Shares for which it was exercisable immediately prior to such Termination of Service or became exercisable on the date of such
Termination of Service.


 


Section 5.                
Expiration. Notwithstanding any term of this Award Agreement to the contrary, the Participant shall forfeit the Option
in its entirety as of the Company’s close of business on the last business day that occurs prior to the Expiration Date.
The “Expiration Date” shall be the earliest to occur of the following:


 


(a)               
the three-month anniversary of the Participant’s Termination of Service other than due to the Participant’s Disability
or death; provided, however, that if the Participant shall die after the date of Termination of Service but before
the three-month anniversary of the Participant’s Termination of Service, the Expiration Date shall automatically be extended
to the one-year anniversary of Participant’s Termination of Service;


 


(b)              
the one-year anniversary of the Participant’s Termination of Service due to the Participant’s Disability or death;
or


 


(c)               
the 10-year anniversary of the Grant Date.


 


Section 6.                
Exercise.


 


(a)               
Method of Exercise. The vested portion of the Option may be exercised by the Participant in whole or in part by providing
notice of option exercise to the Corporate Secretary of the Company at its corporate headquarters, in a form prescribed by the
Committee or satisfying such other procedures as shall be set forth by the Committee from time to time. Such notice shall specify
the number of Covered Shares that the Participant elects to purchase, and shall be accompanied by payment of the Exercise Price
for such Covered Shares as further set forth in Section 6(b) below.


 


(b)              
Payment of Exercise Price. Without limitation of Section 8 below, the payment of the Exercise Price shall be by cash
or, subject to limitations imposed by applicable law, by any of the following means as determined by the Committee from time to
time: (i) by tendering, either actually or by attestation, Shares acceptable to the Committee and valued at Fair Market Value as
of the time of exercise; (ii) by irrevocably authorizing a third party, acceptable to the Committee, to sell Shares acquired upon
exercise of the Option and to remit to the Company no later than the third 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; (iii) 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 (A) the number of Shares as to which the Option is being exercised, multiplied by (B) a fraction, the
numerator of which is the Fair Market Value (on such date as is determined by the Committee) 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); (iv) by personal, certified or cashiers’ check; (v) by other property deemed acceptable by the Committee or
(vi) by any combination thereof.


 


(c)               
Restrictions. The Option shall not be exercisable if and to the extent the Company determines that such exercise would violate
any applicable laws or the applicable rules of any securities exchange or similar entity, and shall not be exercisable during any
blackout period established by the Company from time to time.


 



    	 	2	 



     

    




Section 7.                
Delivery of Shares. Delivery of Shares or other amounts under this Award Agreement and the Plan shall be subject to
the following:


 


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


 


(b)              
Certificates Not Required. To the extent that this Award Agreement and the Plan provide for the issuance of Shares, such
issuance 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.


 


Section 8.                
Withholding. The exercise of the Option, and the Company’s obligation to issue Shares upon exercise, is subject
to withholding of all applicable taxes. As permitted by the Committee from time to time, such withholding obligations may be satisfied
at the election of the Participant (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 9.                
Non-Transferability of Option. The Option, or any portion thereof, is 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. Except as provided in the immediately
preceding sentence, the Option shall not be assigned, transferred, pledged, hypothecated or otherwise disposed of by the Participant
in any way whether by operation of law or otherwise, and shall not be subject to execution, attachment or similar process. Any
attempt at assignment, transfer, pledge, hypothecation or other disposition of the Option contrary to the provisions hereof, or
the levy of any attachment or similar process upon the Option, shall be null and void and without effect.


 


Section 10.            
Heirs and Successors. This Award Agreement shall be binding upon, and inure to the benefit of, the Company and its successors
and assigns, and upon any person acquiring all or substantially all of the Company’s assets or business. If any rights of
the Participant or benefits distributable to the Participant under this Award Agreement have not been settled or distributed at
the time of the Participant’s death, such rights shall be settled for and such benefits shall be distributed to the Designated
Beneficiary in accordance with the provisions of this Award Agreement and the Plan. The “Designated Beneficiary”
shall be the beneficiary or beneficiaries designated by the Participant in a writing filed with the Committee in such form as the
Committee may require. The Participant’s designation of beneficiary may be amended or revoked from time to time by the Participant
in accordance with any procedures established by the Committee. If a Participant fails to designate a beneficiary, or if the Designated
Beneficiary does not survive the Participant, any benefits that would have been provided to the Participant shall be provided to
the legal representative of the estate of the Participant. If a Participant designates a beneficiary and the Designated Beneficiary
survives the Participant but dies before the provision of the Designated Beneficiary’s benefits under this Award Agreement,
then any benefits that would have been provided to the Designated Beneficiary shall be provided to the legal representative of
the estate of the Designated Beneficiary.


 


Section 11.            
Administration. The authority to manage and control the operation and administration of this Award Agreement and the
Plan shall be vested in the Committee, and the Committee shall have all powers with respect to this Award Agreement as it has with
respect to the Plan. Any interpretation of this Award Agreement or the Plan by the Committee and any decision made by the Committee
with respect to this Award Agreement or the Plan shall be final and binding on all persons.


 



    	 	3	 



     

    




Section 12.            
Plan Governs. Notwithstanding anything in this Award Agreement to the contrary, this Award Agreement shall be subject
to the terms of the Plan, a copy of which may be obtained by the Participant from the office of the Corporate Secretary of the
Company. This Award Agreement shall be subject to all interpretations, amendments, rules and regulations promulgated by the Committee
from time to time. Notwithstanding any term of this Award Agreement to the contrary, in the event of any discrepancy between the
corporate records of the Company and this Award Agreement, the corporate records of the Company shall control.


 


Section 13.            
Not an Employment Contract. Neither the Option nor this Award Agreement shall confer on the Participant any rights with
respect to continuance of employment or other service with the Company or a Subsidiary, nor shall they interfere in any way with
any right the Company or a Subsidiary may otherwise have to terminate or modify the terms of the Participant’s employment
or other service at any time.


 


Section 14.            
No Rights as Shareholder. The Participant shall not have any rights of a Shareholder with respect to the Covered Shares
until a stock certificate or its equivalent has been duly issued following exercise of the Option as provided herein.


 


Section 15.            
Amendment. Without limitation of Section 18 and Section 19 below, this Award Agreement may be amended
in accordance with the provisions of the Plan, and may otherwise be amended in writing by the Participant and the Company without
the consent of any other person.


 


Section 16.            
Governing Law. This Award Agreement, the Plan 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 17.            
Validity. If any provision of this Award Agreement is determined to be illegal or invalid for any reason, said illegality
or invalidity shall not affect the remaining parts hereof, but this Award Agreement shall be construed and enforced as if such
illegal or invalid provision had never been included herein.


 


Section 18.            
Section 409A Amendment. The Option is intended to be exempt from Code Section 409A and this Award Agreement shall be
administered and interpreted in accordance with such intent. The Committee reserves the right (including the right to delegate
such right) to unilaterally amend this Award Agreement without the consent of the Participant in order to maintain an exclusion
from the application of, or to maintain compliance with, Code Section 409A; and the Participant hereby acknowledges and consents
to such rights of the Committee.


 


Section 19.            
Clawback. The Option and any amount or benefit received under the Plan shall be subject to potential cancellation, recoupment,
rescission, payback or other action in accordance with the terms of any applicable Company or Subsidiary clawback policy (the “Policy”)
or any applicable law, as may be in effect from time to time. The Participant hereby acknowledges and consents to the Company’s
or a Subsidiary’s application, implementation and enforcement of (a) the Policy and any similar policy established by the
Company or a Subsidiary that may apply to the Participant together with all other similarly situated participants, whether adopted
prior to or following the date of this Award Agreement and (b) any provision of applicable law relating to cancellation, rescission,
payback or recoupment of compensation, and agrees that the Company or a Subsidiary may take such actions as may be necessary to
effectuate the Policy, any similar policy and applicable law without further consideration or action.


 


*       *       *       *       *


 


 


 


 






    	 	4	 



     

    

 


In
witness whereof, the Company has caused this Award Agreement to be executed in its name and on its behalf, and the Participant
acknowledges understanding and acceptance of, and agrees to, the terms of this Award Agreement, all as of the Grant Date.


 


 








	 	QCR Holdings, Inc.	 
	 	 	 	 
	 	By: 	 	 
	 	 	 	 
	 	Print Name:	 	 
	 	 	 	 
	 	Title: 	 	 
	 	 	 	 
	 	 	 	 
	 	Participant	 
	 	 	 	 
	 	 	 	 
	 	Print Name:	 	 







 


 


 


 


 


 


 


5