Exhibit 4.7


 


 





QCR Holdings,
Inc.


 


2016 Equity Incentive
Plan


 


Restricted Stock Unit
Award Agreement


 


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


 


Section 1.                
Award. The Company hereby grants to the Participant the Award of restricted stock units (each such unit, an “RSU”),
where each RSU represents the right of the Participant to receive one Share in the future once the Restricted Period ends, subject
to the terms of this Award Agreement and the Plan.


 


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


 


(a)               
The “Participant” is ______________________________.


 


(b)              
The “Grant Date” is ______________________________.


 


(c)               
The number of “RSUs” is ______________________ Shares.


 


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.                
Restricted Period.


 


(a)               
The “Restricted Period” for each installment of RSUs set forth in the table immediately below (each, an “Installment”)
shall begin on the Grant Date and end as described in the schedule set forth in the table immediately below; provided that
the Participant’s Termination of Service has not occurred prior thereto:


 


	Installment	Restricted Period will end on:
	__% of RSUs	Date/Event/Other Condition


 


(b)              
Notwithstanding the foregoing provisions of this Section 3, the Restricted Period for all the RSUs shall cease immediately
and such RSUs shall become fully vested immediately 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 Award shall be treated in accordance with Section 4.1 of the Plan.


 


(d)              
Except as set forth in Section 3(b) and Section 3(c) above, if the Participant’s Termination of Service occurs
prior to the expiration of one or more Restricted Periods, the Participant shall forfeit all right, title and interest in and to
any Installment(s) still subject to a Restricted Period as of such Termination of Service.


 



     

     

    




Section 4.                
Settlement of RSUs. Delivery of Shares or other amounts under this Award Agreement and the Plan shall be subject to
the following:


 


(a)               
Delivery of Shares. The Company shall deliver to the Participant one Share free and clear of any restrictions in settlement
of each of the vested and unrestricted RSUs within 30 days following the end of the respective Restricted Period.


 


(b)              
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.


 


(c)               
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 5.                
Withholding. All deliveries of Shares pursuant to the Award shall be subject to withholding of all applicable taxes.
The Company shall have the right to require the Participant (or if applicable, permitted assigns, heirs and Designated Beneficiaries)
to remit to the Company an amount sufficient to satisfy any tax requirements prior to the delivery date of any Shares in connection
with the Award. As permitted by the Committee from time to time, such withholding obligation 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 6.                
Non-Transferability of Award. The Award, 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 Award 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 Award contrary to the provisions hereof, or
the levy of any attachment or similar process upon the Award, shall be null and void and without effect.


 


Section 7.                
Dividend Equivalents. The Participant shall be entitled to receive a payment of additional RSUs equal in value to any
dividends and distributions paid with respect to the RSUs (other than dividends and distributions that may be issued with respect
to Shares by virtue of any corporate transaction, to the extent adjustment is made pursuant to Section 3.4 of the Plan) during
the Restricted Period (“Dividend Equivalents”); provided, however, that no Dividend Equivalents
shall be payable to or for the benefit of the Participant with respect to record dates for such dividends or distributions occurring
before the Grant Date or on or after the date, if any, on which the Participant has forfeited the RSUs. Dividend Equivalents shall
be provided at the time the respective dividends or distributions are paid and shall be subject to the same restrictions applicable
to the underlying RSUs.


 


Section 8.                
No Rights as Shareholder. The Participant shall not have any rights of a Shareholder with respect to the RSUs, including
but not limited to, voting rights, prior to the settlement of the RSUs pursuant to Section 4(a) above and issuance of Shares
as provided herein.


 



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Section 9.                
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 10.            
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.


 


Section 11.            
Plan Governs. Notwithstanding any provision of 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 provision 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 12.            
Not an Employment Contract. Neither the Award 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 13.            
Amendment. Without limitation of Section 16 and Section 17 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 14.            
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 15.            
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.


 



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Section 16.            
Section 409A Amendment. The Award 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 17.            
Clawback. The Award 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.


 


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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:	 	 





 


 




 


 


 


 


 


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