Document:

Employment
Agreement

 

This
Employment Agreement is made and entered into effective November 1, 2013, by and among Landmark
Bancorp, Inc., a Delaware corporation, Landmark National Bank,
a Kansas chartered bank with its main office located in Manhattan, Kansas, and Bradly L. Chindamo. As used in this Agreement, capitalized
terms have the meanings set forth in Section 21.

 

Recitals

 

A.            The
Bank is a wholly-owned subsidiary of the Company.

 

B.            Executive
is currently employed as East Region President/Credit Risk Manager of the Bank.

 

C.            The
Company and the Bank desire to continue to employ Executive pursuant to the terms of this Agreement and Executive desires to continue
to be employed by the Company and the Bank pursuant to such terms.

 

D.            The
Parties have made commitments to each other on a variety of important issues concerning Executive’s employment, including
the performance that will be expected of Executive, the compensation Executive will be paid, how long and under what circumstances
Executive will remain employed, and the financial details relating to any decision that either the Company or Executive may make
to terminate this Agreement and Executive’s employment with the Company.

 

E.            The
Parties desire to enter into this Agreement as of the Effective Date and to have this Agreement supersede all prior employment
agreements between the Parties, and to have any such prior employment agreements become null and void as of the Effective Date.

 

Agreement

 

In consideration of
the foregoing and the mutual promises and covenants of the Parties set forth in this Agreement, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, hereby
expressly covenant and agree as follows:

 

1.           Employment
Period. The Company shall continue to employ Executive during the Employment Period and Executive shall remain in the employ
of the Company and provide services to the Company during the Employment Period in accordance with the terms of this Agreement.
The “Employment Period” shall be the period beginning on the Effective Date and ending on the one year anniversary
of the Effective Date, unless sooner terminated as provided herein, provided that the Employment Period shall be extended
automatically for one additional year beginning on the one year anniversary of the Effective Date and on each anniversary thereafter
unless either Party notifies the other Party, by written notice delivered no later than 90 days prior to such anniversary, that
the Employment Period shall not be extended. Notwithstanding any provision of this Agreement to the contrary, if a Change in Control
occurs during the Employment Period, this Agreement shall remain in effect for the two-year period immediately following the Change
in Control and shall then terminate.

 

    	 

    	 

    

 

2.           Duties.

 

(a)          During
the Employment Period, Executive shall devote Executive’s full business time, energy, and talent to serving as East Region
President/Credit Risk Manager of the Bank, subject to the direction of the President.

 

(b)          Executive
shall have the duties that are commensurate with Executive’s positions and any other duties that may be assigned to Executive
by the President, and Executive shall perform all such duties faithfully and efficiently. Executive shall have such powers as are
inherent to the undertakings applicable to Executive’s positions and necessary to carry out the duties required of Executive
hereunder.

 

(c)          Notwithstanding
the foregoing provisions of this Section 2, during the Employment Period, Executive may devote reasonable time to activities
other than those required under this Agreement, including activities of a charitable, educational, religious, or similar nature
to the extent such activities do not, in the judgment of the President, inhibit, prohibit, interfere with, or conflict with Executive’s
duties under this Agreement or conflict in any material way with the business of the Company or any Affiliate; provided, however,
that Executive shall not serve on the board of directors of any business (other than the Company or an Affiliate) or hold any other
position with any business without receiving the prior written consent of the President or the Chief Executive Officer.

 

3.           Compensation
and Benefits. During the Employment Period, while Executive is employed by the Company, the Company shall compensate Executive
for Executive’s services as follows:

 

(a)          Executive
shall be paid a base salary at an annual rate of $154,000 (the “Annual Base Salary”), which shall be payable
in accordance with the normal payroll practices of the Company then in effect. Beginning in 2014, each year during the Employment
Period, Executive’s Annual Base Salary shall be reviewed by the Board for possible increase, but not decrease, with any such
increase to be effective as of January 22 (the anniversary date) of the year of such adjustment.

 

(b)          Executive
shall be eligible to receive performance-based annual incentive bonuses (each, the “Incentive Bonus”) from the
Company for each fiscal year ending during the Employment Period. Incentive Bonuses shall be established and determined in accordance
with the Company’s annual cash incentive plan, as may be in effect from time to time, or otherwise as determined by the Board.
Any Incentive Bonus shall be paid to Executive no later than two and one-half months after the close of the year in which it is
earned, provided that any Incentive Bonus shall not be considered earned until the Board has made all determinations and
taken all actions necessary to establish such Incentive Bonus.

 

(c)          Executive
shall be eligible to participate, subject to the terms thereof, in all incentive plans of the Company as may be in effect from
time to time with respect to senior executives employed by the Company, on as favorable a basis as other similarly situated and
performing executives.

 

    	 

    	 

    

 

(d)          Executive
and Executive’s dependents, as the case may be, shall be eligible to participate, subject to the terms thereof, in all pension
and similar benefit plans and all medical, dental, disability, group and executive life, accidental death and travel accident insurance,
and other similar welfare benefit plans of the Company as may be in effect from time to time with respect to senior executives
employed by the Company, on as favorable a basis as other similarly situated and performing executives.

 

(e)          Executive
shall be entitled to accrue paid vacation days and holidays in accordance with and subject to the Company’s paid time off
programs and policies as may be in effect from time to time, provided that the minimum aggregate number of vacation days
and holidays Executive shall accrue per calendar year is 15 days, beginning on each annual anniversary date.

 

(f)          Executive
shall be eligible to be reimbursed by the Company, on terms that are substantially similar to those that apply to other similarly
situated and performing executives employed by the Company, for reasonable out-of-pocket expenses for entertainment, travel, meals,
lodging, and similar items that are consistent with the Company’s expense reimbursement policy and that are actually incurred
by Executive in the promotion of the Company’s business.

 

(g)          The
Company shall provide an automobile for Executive’s use in the performance of Executive’s duties hereunder and shall
pay all expenses for maintenance, repairs and insurance relating to that automobile, provided, however, that Executive shall
pay for all fuel charges and be reimbursed for business-related fuel expenses in accordance with the Company’s policy regarding
such reimbursements. Executive shall report his business and personal use of the automobile in conformity with policies adopted
by the Company and personal use shall be reflected annually on the IRS Form W-2 of Executive as additional compensation for income
tax purposes.

 

(h)          Executive
shall receive reimbursement from the Company for membership dues, initiation fees, special assessments, and other business-related
expenses at a club mutually agreeable between Bradly L. Chindamo and the Landmark National Bank Board of Directors.

 

4.           Rights
upon Termination. This Agreement and Executive’s employment under this Agreement may be terminated for any of the
reasons described in this Section 4. Executive’s right to benefits, if any, for periods after the Termination Date
shall be determined in accordance with this Section 4:

 

(a)          Minimum
Benefits. If the Termination Date occurs during the Employment Period for any reason, Executive shall be entitled to the
Minimum Benefits, in addition to any other benefits to which Executive may be entitled under the following provisions of this Section
4 or the express terms of any employee benefit plan or as required by law. Any benefits to be provided to Executive pursuant
to this Section 4(a) shall be provided within 30 days after the Termination Date; provided, however, that
any benefits, incentives, or awards payable as described in Section 4(g)(i) shall be provided in accordance with the
terms of the applicable plan, program, or arrangement. Except as may expressly be provided to the contrary in this Agreement, nothing
in this Agreement shall be construed as requiring Executive to be treated as employed by the Company or any Affiliate following
the Termination Date for purposes of any plan, program, or arrangement.

 

    	 

    	 

    

 

(b)          Termination
for Cause, Death, Disability, Voluntary Resignation or Non-Renewal. If the Termination Date occurs during the Employment
Period and is a result of a Termination for any reason other than (i) an Involuntary Termination or (ii) a voluntary Termination
by Executive within 30 days following a Change in Control, then, other than the Minimum Benefits, Executive shall have no right
to benefits under this Agreement (and the Company and its Affiliates shall have no obligation to provide any such benefits) for
periods after the Termination Date.

 

(c)          Involuntary
Termination outside Covered Period. If Executive’s employment is subject to an Involuntary Termination other than
during a Covered Period, then, in addition to the Minimum Benefits, the Company shall provide Executive the following:

 

(i)          On
the first regularly-scheduled payroll date following the 45th day following the Termination Date, Executive shall commence receiving
the Severance Amount (less any amount described in Section 4(c)(ii)), with such amount to be paid in one payment.

 

(ii)         To
the extent any portion of the Severance Amount exceeds the “safe harbor” amount described in Treasury Regulation Section
1.409A-1(b)(9)(iii)(A), Executive shall receive such portion of the Severance Amount that exceeds the “safe harbor”
amount in a single lump sum payment payable on the first regularly-scheduled payroll date following the 45th day following the
Termination Date.

 

(iii)        Executive
(and Executive’s dependents, as may be applicable) shall be entitled to the benefits described in Section 4(e).

 

(d)          Change
in Control Termination. If Executive’s employment is subject to (A) an Involuntary Termination during a Covered Period
or (B) a voluntary Termination by Executive within 29 days following a Change in Control, then, in addition to Minimum Benefits,
the Company shall provide Executive the following:

 

(i)          On
the 45th day following the Termination Date, the Company shall pay Executive a lump sum payment in an amount equal to the Severance
Amount.

 

(ii)         Executive
(and Executive’s dependents, as may be applicable) shall be entitled to the benefits provided in Section 4(e).

 

    	 

    	 

    

 

(e)          Medical
and Dental Benefits. If Executive’s employment is subject to an Involuntary Termination, then to the extent that
Executive or any of Executive’s dependents may be covered under the terms of any medical or dental plans of the Company (or
an Affiliate) for active employees immediately prior to the Termination Date, then, provided Executive is eligible for and
elects coverage under the health care continuation rules of COBRA, the Company shall provide, at the Company’s expense, Executive
and those dependents with coverage equivalent to the coverage in effect immediately prior to the Involuntary Termination for a
period of 12 months following the Termination Date, and thereafter Executive shall be responsible for the full cost of such continued
coverage if the coverage continues beyond such period; provided, however, that such coverage shall be provided only
to the extent that it does not result in any additional tax or other penalty being imposed on the Company (or an Affiliate) or
violate any nondiscrimination requirements then applicable with respect to the applicable plans. The coverages under this Section 4(e)
may be procured directly by the Company (or an Affiliate, if appropriate) apart from, and outside of the terms of the respective
plans, provided that Executive and Executive’s dependents comply with all of the terms of the substitute medical or
dental plans, and provided, further, that the cost to the Company and its Affiliates shall not exceed the cost for
continued COBRA coverage under the Company’s (or an Affiliate’s) plans, as set forth in the immediately preceding sentence.
In the event Executive or any of Executive’s dependents is or becomes eligible for coverage under the terms of any other
medical and/or dental plan of a subsequent employer with plan benefits that are comparable to Company (or Affiliate) plan benefits,
the Company’s and its Affiliates’ obligations under this Section 4(e) shall cease with respect to the eligible
Executive and/or dependent. Executive and Executive’s dependents must notify the Company of any subsequent employment and
provide information regarding medical and/or dental coverage available.

 

    	 

    	 

    

 

(f)          Golden
Parachute Payment Adjustment. It is the intention of the Parties that no portion of any payment under this Agreement, or
payments to or for the benefit of Executive under any other agreement or plan, be deemed to be an Excess Parachute Payment. The
present value of payments to or for the benefit of Executive in the nature of compensation, receipt of which is contingent on a
Change in Control, and to which Code Section 280G applies (in the aggregate “Total Payments”) shall not exceed
an amount equal to $1.00 less than the maximum amount that the Company may pay without loss of deduction under Code Section 280G(a).
Present value for purposes of this Section 4(f) shall be calculated in accordance with Code Section 280G(d)(4). Within
90 days following the earlier of the giving of the notice of termination or the giving of notice by the Company to Executive of
its belief that there is a payment or benefit due to Executive that will result in an Excess Parachute Payment, Executive and the
Company, at the Company’s expense, shall obtain the opinion of such legal counsel and certified public accountants as Executive
may choose (notwithstanding the fact that such persons have acted or may also be acting as the legal counsel or certified public
accountants for the Company or the Bank), which opinions need not be unqualified, which set forth (i) the amount of the includable
compensation of Executive for the base period, as determined under Code Section 280G, (ii) the present value of Total Payments,
and (iii) the amount and present value of any Excess Parachute Payments. If such opinions determine that there would be an Excess
Parachute Payment, the payment hereunder or any other payment determined by such counsel to be includable in Total Payments shall
be modified, reduced, or eliminated as specified by Executive in writing delivered to the Company within 60 days of Executive’s
receipt of such opinions or, if Executive fails to so notify the Company, then as the Company shall reasonably determine, so that
under the bases of calculation set forth in such opinions there will be no Excess Parachute Payment; provided, however,
that any such specification by Executive or the Company shall not be effective where it would result in an imposition of any additional
income tax under Code Section 409A. The provisions of this Section 4(f), including the calculations, notices, and opinions
provided for herein shall be based upon the conclusive presumption that (A) the compensation provided for in this Agreement and
(B) any other compensation earned by Executive pursuant to the Company’s or the Bank’s programs that would have been
provided in any event are reasonable compensation for services rendered, even though the timing of such payment is triggered by
the Change in Control; provided, however, that if such legal counsel so requests in connection with the opinion required
by this Section 4(f), Executive and the Company shall obtain, at the Company’s expense, and the legal counsel
may rely on in providing the opinion, the advice of a firm of recognized executive compensation consultants as to the reasonableness
of any item of compensation to be received by Executive.

 

(g)          Other
Benefits.

 

(i)          Executive’s
rights following a Termination with respect to any benefits, incentives, or awards provided to Executive pursuant to the terms
of any plan, program, or arrangement sponsored or maintained by the Company or its Affiliates, whether tax-qualified or not, which
are not specifically addressed herein, shall be subject to the terms of such plan, program, or arrangement and this Agreement shall
have no effect upon such terms except as specifically provided herein.

 

(ii)         Except
as specifically provided herein, the Company and its Affiliates shall have no further obligations to Executive under this Agreement
following a Termination.

 

    	 

    	 

    

 

(h)          Removal
from any Boards and Positions. Unless otherwise agreed to in writing by the Parties at the time of Termination, upon a
Termination, Executive shall be deemed to resign (i) if a member, from the Board and the board of directors of any Affiliate
and any other board to which Executive has been appointed or nominated by or on behalf of the Company or an Affiliate, (ii) from
each position with the Company and any Affiliate, including as an officer of the Company or an Affiliate and (iii) as a fiduciary
of any employee benefit plan of the Company and any Affiliate.

 

(i)          Regulatory
Suspension and Termination.

 

(i)          If
Executive is suspended or temporarily prohibited from participating in the conduct of the affairs of the Company or an Affiliate
by a notice served under Section 8(e) or 8(g) of the FDIA, all obligations of the Company and the Affiliates under this Agreement
shall be suspended as of the date of service, unless stayed by appropriate proceedings, provided that if the charges in
such notice are dismissed, the Company may in its discretion (A) pay Executive all or part of the compensation withheld while its
and the Affiliates’ obligations under this Agreement were suspended and (B) reinstate in whole or in part any of its and
the Affiliates’ obligations that were suspended, all in accordance with Code Section 409A.

 

(ii)         If
Executive is removed or permanently prohibited from participating in the conduct of the affairs of the Company or an Affiliate
by an order issued under Section 8(e) or 8(g) of the FDIA, all obligations of the Company and the Affiliates under this Agreement
shall terminate as of the effective date of the order, provided that this Section 4(i) shall not affect any vested
rights of the Parties.

 

(iii)        If
the Company is in default as defined in Section 3(x) of the FDIA, all obligations of the Company under this Agreement shall terminate
as of the date of default, provided that this Section 4(i) shall not affect any vested rights of the Parties.

 

(iv)        All
obligations of the Company under this Agreement shall be terminated, except to the extent determined by the FDIC that continuation
of this Agreement is necessary for the continued operation of the institution, at the time the FDIC enters into an agreement to
provide assistance to or on behalf of the Company under the authority contained in Section 13(c) of the FDIA, or when the Company
is determined by the FDIC to be in an unsafe or unsound condition, provided that this Section 4(i) shall not affect
any vested rights of the Parties.

 

(v)         Any
payments made to Executive pursuant to this Agreement, or otherwise, are subject to and conditioned upon their compliance with
Section 18(k) of the FDIA.

 

(j)          Clawback.
Notwithstanding any provision of this Agreement to the contrary, if any Severance Restrictions require the recapture or “clawback”
of any amount paid to Executive under this Agreement following the Termination Date, Executive shall repay to the Company the aggregate
amount of any such payments, with such repayment to occur no later than 30 days following Executive’s receipt of a written
notice from the Company indicating that payments received by Executive under this Agreement are subject to recapture or clawback
pursuant to the Severance Restrictions.

 

    	 

    	 

    

 

5.           Release.
Notwithstanding any provision of this Agreement to the contrary, Executive shall not be entitled to any benefits under Section 4(c),
Section 4(d), or Section 4(e) (other than the Minimum
Benefits), and shall repay to the Company any such benefits received, unless Executive executes (without subsequent revocation)
and delivers to the Company a Release within 21 days (or such longer period to the extent required by applicable law) following
the Termination Date.

 

6.           Restrictive
Covenants. Executive acknowledges that Executive has been and will continue to be provided intimate knowledge of the business
practices, trade secrets, and other confidential and proprietary information of the Company (including the Confidential Information),
which, if exploited by Executive, would seriously, adversely, and irreparably affect the interests of the Company and the ability
of the Company to continue its business. Executive further acknowledges that, during the course of Executive’s employment
with the Company, Executive may produce and have access to Confidential Information.

 

(a)          Confidential
Information. During the course of Executive’s employment and following a Termination:

 

(i)          Executive
shall not directly or indirectly use, disclose, copy, or make lists of Confidential Information for the benefit of anyone other
than the Company, except to the extent that such information is or thereafter becomes lawfully available from public sources, or
such disclosure is authorized in writing by the Company, required by law, or otherwise as reasonably necessary or appropriate in
connection with the performance by Executive of Executive’s duties to the Company.

 

(ii)         If
Executive receives a subpoena or other court order or is otherwise required by law to provide information to a governmental authority
or other person concerning the activities of the Company or its Affiliates, or Executive’s activities in connection with
the business of the Company or its Affiliates, Executive shall immediately notify the Company of such subpoena, court order, or
other requirement and deliver forthwith to the Company a copy thereof and any attachments and non-privileged correspondence related
thereto.

 

(iii)        Executive
shall take reasonable precautions to protect against the inadvertent disclosure of Confidential Information.

 

(iv)        Executive
shall abide by the Company’s policies, as in effect from time to time, respecting avoidance of interests conflicting with
those of the Company and its Affiliates. In this regard, Executive shall not directly or indirectly render services to any person
or entity where Executive’s service would involve the use or disclosure of Confidential Information.

 

(v)         Executive
shall not use any Confidential Information to guide Executive in searching publications or other publicly available information,
selecting a series of items of knowledge from unconnected sources, and fitting them together to claim that Executive did not violate
any terms set forth in this Agreement.

 

    	 

    	 

    

 

(b)          Documents
and Property. 

 

(i)          All
records, files, documents, and other materials or copies thereof relating to the business of the Company or its Affiliates that
Executive prepares, receives, or uses, shall be and remain the sole property of the Company and, other than in connection with
the performance by Executive of Executive’s duties to the Company, shall not be removed from the premises of the Company
or its Affiliates without the Company’s prior written consent, and shall be immediately returned to the Company upon a Termination,
together with all copies (including copies or recordings in electronic form), abstracts, notes, or reproductions of any kind made
from or about the records, files, documents, or other materials.

 

(ii)         Executive
acknowledges that Executive’s access to and permission to use the Company’s and its Affiliates’ computer systems,
networks, and equipment, and all the Company and Affiliate information contained therein, is restricted to legitimate business
purposes on behalf of the Company and reasonable personal use in accordance with the Company’s applicable policies and procedures.
Any other access to or use of such systems, networks, equipment, and information is without authorization and is prohibited. The
restrictions contained in this Section 6(b) extend to any personal computers or other electronic devices of Executive
that are used for business purposes relating to the Company or its Affiliates. Executive shall not transfer any Company or Affiliate
information to any personal computer or other electronic device that is not otherwise used for any business purpose relating to
the Company or an Affiliate. Upon a Termination, Executive’s authorization to access and permission to use the Company’s
and its Affiliates’ computer systems, networks, and equipment, and any Company and Affiliate information contained therein,
shall cease, and Executive shall delete any Company and Affiliate information from Executive’s personal computer or other
electronic device.

 

(c)          Non-Competition
and Non-Solicitation. The primary service area of the Company’s business in which Executive will actively participate
extends separately to the Restricted Area. Therefore, as an essential ingredient of and in consideration of this Agreement and
Executive’s employment with the Company, Executive shall not, during Executive’s employment with the Company or during
the Restricted Period, directly or indirectly do any of the following (all of which are collectively referred to in this Agreement
as the “Restrictive Covenant”):

 

(i)          Engage
or invest in, own, manage, operate, finance, control, participate in the ownership, management, operation, or control of, be employed
by, associated with, or in any manner connected with, serve as a director, officer, or consultant to, lend Executive’s name
or any similar name to, lend Executive’s credit to or render services or advice to, in each case in the capacity (or any
substantially similar capacity) that Executive provided services to the Company, any person, firm, partnership, corporation, other
business entity, or trust that owns, operates, or is in the process of forming a Competitor with an office located, or to be located
at an address identified in a filing with any regulatory authority, within the Restricted Area; provided, however,
that the ownership by Executive of shares of the capital stock of any institution, which shares are listed on a securities
exchange and that do not represent more than 1% of the institution’s outstanding capital stock, shall not violate any terms
of this Agreement;

 

    	 

    	 

    

 

(ii)         (A) Induce
or attempt to induce any employee of the Company or its Affiliates to leave the employ of the Company or its Affiliates; (B) interfere
with the relationship between the Company or its Affiliates and any employee of the Company or its Affiliates; or (C) induce
or attempt to induce any customer, supplier, licensee, or other business relation of the Company or its Affiliates with whom Executive
had an ongoing business relationship to cease doing business with the Company or its Affiliates or interfere with the relationship
between the Company or its Affiliates and their respective customers, suppliers, licensees, or other business relations with whom
Executive had an ongoing business relationship.

 

(iii)        Solicit
the business of any person or entity known to Executive to be a customer of the Company or its Affiliates, where Executive, or
any person reporting to Executive, had accessed Confidential Information of, had an ongoing business relationship with, or had
made Substantial Business Efforts with respect to, such person or entity, with respect to products, activities, or services that
compete in whole or in part with the products, activities, or services of the Company or its Affiliates.

 

(iv)        Serve
as the agent, broker, or representative of, or otherwise assist, any person or entity in obtaining services or products from any
Competitor within the Restricted Area, with respect to products, activities, or services that Executive devoted time to on behalf
of the Company or any Affiliate (or any substantially similar products, activities, or services) and that compete in whole or in
part with the products, activities, or services of the Company or its Affiliates.

 

(v)         Accept
employment with, provide services to, or act in any other such capacity for or with any Competitor, if in such employment or capacity
Executive would inevitably use or disclose the Company’s Confidential Information in Executive’s work or service for
such Competitor.

 

(d)          Works
Made for Hire; Ownership of Company Work Product.

 

(i)          The
Parties understand and agree that all work prepared by Executive for the Company or for its Affiliates shall be a Work Made For
Hire as such phrase is defined under the U.S. Copyright laws, 17 U.S.C. § 101 et seq., and if such work does not qualify
as a Work Made For Hire, Executive shall, and does, assign to the Company all of Executive’s right, title, and interest in
and to the work, including all patent, copyright, trademark, and other proprietary rights thereto.  Executive waives and releases
all moral rights in any of the works as Executive may possess by virtue of the Visual Artist’s Moral Rights Act of 1990 and
various country or state laws of attribution, authorship, and integrity commonly referred to as Moral Rights Law.  Executive
shall not assert any claim based upon such moral rights against the Company, the Affiliates, or any of their respective successors
in interest or assigns.  Executive shall have no right, title, or interest in any of the work and shall not be entitled to
any royalties or other proceeds received by the Company or its Affiliates from the commercialization in any manner of the work.

 

(ii)         Executive
hereby assigns to the Company any right, title, and interest in and to all Company Work Product that Executive may have, by law
or equity, without additional consideration of any kind whatsoever from the Company or its Affiliates.

 

(iii)        Executive
shall execute and deliver any instruments or documents and do all further acts (including the giving of testimony and executing
any applications, oaths, and assignments) requested by the Company (both before and after a Termination) in order to vest more
fully in the Company or its Affiliates all ownership rights in the Company Work Product (including obtaining patent, copyright,
trademark, or other intellectual property protection therefore in the United States and foreign countries). 

 

    	 

    	 

    

 

(iv)        The
Company or its Affiliates shall at all times own and have exclusive right, title, and interest in and to all Confidential Information
and Company Work Product, and the Company or its Affiliates shall retain the exclusive right to use, license, sell, transfer, and
otherwise exploit and dispose of the same.  Executive acknowledges the Company’s or its Affiliates’ exclusive
right, title, and interest in and to the Confidential Information and Company Work Product, and shall not contest, challenge or
make any claim adverse to the Company’s or its Affiliates’ ownership of or the validity of the Confidential Information
and Company Work Product, any future application for registration or registration thereof, or any rights of the Company or its
Affiliates therein, or which, directly or indirectly, may impair any part of the Company’s or its Affiliates’ right,
title, and interest therein.

 

(v)         To
the extent required by applicable state statute, this Section 6(d) shall not apply to an invention for which no equipment,
supplies, facility, or trade secret information of the Company or its Affiliates was used and that was developed entirely on Executive’s
own time, unless the invention (i) relates to the business of the Company or an Affiliate or to the Company’s or an Affiliate’s
actual or demonstrably anticipated research or development or (ii) results from any work performed by Executive for the Company
or an Affiliate. 

 

(e)          Consent
and Release. From time to time, the Company’s store locations may be the subject of a Promotional Work.  Executive
acknowledges that Executive is aware that Executive’s name, image, and likeness may be captured in such Promotional Work,
and hereby consents and agrees that the Company may use Executive’s name, image, and likeness as captured in the Promotional
Work in any manner, in connection with the Company’s products and services, and, at all times, the Company, its Affiliates,
and, without limitation, their respective customers, successors, licensees, and assigns, may continue to use the Promotional Work
that includes Executive’s name, image, or likeness.  Executive, Executive’s heirs, predecessors, successors, assigns,
and all affiliated entities hereby fully and finally release, remise, and forever discharge the Company, its Affiliates, their
respective predecessors, successors, assigns, and all affiliated entities, and each of their respective directors, officers, members,
shareholders, partners, employees, customers, agents, and attorneys, to the extent that such apply, of and from any and all manner
of actions, causes of action, losses, claims, demands, liabilities, obligations, suits, debts, sums of money, accounts, reckonings,
bonds, bills, specialties, covenants, controversies, agreements, promises, variances, trespasses, damages, judgments, and executions,
in law or in equity, that arise out of or are related to the Company’s or its Affiliates’ use of a Promotional Work
that includes Executive’s name, image, or likeness.

 

    	 

    	 

    

 

(f)          Online
Medium.

 

(i)          Executive
shall not create or otherwise establish any Online Medium without the Company’s prior written consent.  Notwithstanding
the foregoing, if Executive creates an Online Medium without such prior written consent, Executive shall, and hereby does (A) assign
to the Company any right, title, and interest Executive may have in and to the Online Medium and (B) transfer to the Company all
primary administrative rights to the Online Medium, including all codes and passwords.  If the Company has approved the content
of any material to be posted or otherwise used online and obtained primary administrative rights to the Online Medium, then the
Company may, at its sole and absolute discretion, provide Executive with subordinate administrative access to, and guidelines for,
Executive’s use of such Online Medium in connection with Executive’s duties under this Agreement.  Executive has
no right, title, or interest to any material or other information on any Online Medium including all “fans,” “followers,”
“friends,” and “contacts” associated therewith that mentions, uses, or refers in any way to Company Proprietary
and Intellectual Property, Company Work Product, or Confidential Information, which shall remain the sole and exclusive property
of the Company, even if such Online Medium is established by Executive or otherwise held in the name of Executive.  Upon a
Termination, the Company will remove Executive’s administrative access to the Online Medium. 

 

(ii)         Executive
shall execute and deliver any instruments or documents and do all further acts (including the giving of testimony and executing
any applications, oaths, and assignments) requested by the Company (both before and after a Termination) in order to vest more
fully in the Company or its Affiliates all ownership rights in the Online Medium (including obtaining any available intellectual
property or similar protection therefore in the United States and foreign countries).

 

(iii)        The
Company or its Affiliates shall at all times own and have exclusive right, title, and interest in and to all Online Medium, and
the Company or its Affiliates shall retain the exclusive right to use, license, sell, transfer, and otherwise exploit and dispose
of the same.  Executive acknowledges the Company’s or its Affiliates’ exclusive right, title, and interest in
and to the Online Medium, and shall not contest, challenge, or make any claim adverse to the Company’s or its Affiliates’
ownership of or the validity of the Online Medium, any future application for registration or registration thereof, or any rights
of the Company or its Affiliates therein, or which, directly or indirectly, may impair any part of the Company’s or its Affiliates’
right, title, and interest therein.

 

(g)          Company
Proprietary and Intellectual Property. The Company or its Affiliates shall at all times own and have exclusive right, title,
and interest in and to all Company Proprietary and Intellectual Property, and the Company or its Affiliates shall retain the exclusive
right to use, license, sell, transfer, and otherwise exploit and dispose of the same.  Executive acknowledges the Company’s
or its Affiliates’ exclusive right, title, and interest in and to Company Proprietary and Intellectual Property, and shall
not contest, challenge, or make any claim adverse to the Company’s or its Affiliates’ ownership of or the validity
of Company Proprietary and Intellectual Property, any future application for registration or registration thereof, or any rights
of the Company or its Affiliates therein, or which, directly or indirectly, may impair any part of the Company’s or its Affiliates’
right, title, and interest therein.  Executive shall not use or otherwise exploit any of Company Proprietary and Intellectual
Property in any manner not authorized by the Company.

 

(h)          Remedies
for Breach of Restrictive Covenant.

 

(i)          Executive
has reviewed the provisions of this Agreement with legal counsel, or has been given adequate opportunity to seek such counsel,
and Executive acknowledges that the covenants contained in this Section 6 are reasonable with respect to their duration,
geographical area, and scope.

 

    	 

    	 

    

 

(ii)         Executive
acknowledges that (A) the restrictions contained in this Section 6 are reasonable and necessary for the protection
of the legitimate business interests of the Company, (B) such restrictions create no undue hardships, (C) any violation of these
restrictions would seriously, adversely, and irreparably injure the Company and such interests, and (D) such restrictions were
a material inducement to the Company to employ Executive and to enter into this Agreement.

 

(iii)        Executive
must, and the Company may, communicate the existence and terms of this Agreement to any third party with whom Executive may seek
or obtain future employment or other similar arrangement.

 

(iv)        In
the event of any violation or threatened violation of the restrictions contained in this Section 6, the Company, in
addition to and not in limitation of, any other rights, remedies, or damages available to the Company under this Agreement or otherwise
at law or in equity, shall not be required to provide any amounts or benefits under this Agreement and shall be entitled to preliminary
and permanent injunctive relief to prevent or restrain any such violation by Executive and all persons directly or indirectly acting
for or with Executive, as the case may be, without any requirement that the Company post bond.

 

(v)         If
Executive violates the Restrictive Covenant and the Company brings legal action for injunctive or other relief, the Company shall
not, as a result of the time involved in obtaining such relief, be deprived of the benefit of the full period of the Restrictive
Covenant; accordingly, the Restrictive Covenant shall be deemed to have the duration specified herein computed from the date the
relief is granted but reduced by the time between the period when the Restricted Period began to run and the date of the first
violation of the Restrictive Covenant by Executive.

 

(i)          Other
Agreements. In the event of the existence of another agreement between the Parties that (i) is in effect during the
Restricted Period, and (ii) contains restrictive covenants that conflict with any of the provisions of this Section 6,
then the more restrictive of such provisions from the two agreements shall control for the period during which both agreements
would otherwise be in effect.

 

7.           No
Set-Off; No Mitigation. Except as provided herein, the Company’s obligation to provide benefits under this Agreement
and otherwise to perform its obligations hereunder shall not be affected by any circumstances, including any set-off, counterclaim,
recoupment, defense, or other right the Company may have against Executive or others. In no event shall Executive be obligated
to seek other employment or take any other action by way of mitigation of the amounts payable to Executive under any of the provisions
of this Agreement, and such amounts shall not be reduced whether or not Executive obtains other employment.

 

8.           Notices.
Notices and all other communications under this Agreement shall be in writing and shall be deemed given when mailed by United States
registered or certified mail, return receipt requested, postage prepaid, addressed as follows: if to the Company, to the principal
headquarters of the Company, attention: Vice President Human Resources, with a copy to the Chairman of the Board of Directors;
and if to Executive, to Executive’s most recent address in the Company’s records; or, in each respective case, to such
other address as either Party may furnish to the other in writing, except that notices of changes of address shall be effective
only upon receipt.

 

    	 

    	 

    

 

9.           Governing
Law. This Agreement shall be governed by and construed under the laws of the State of Kansas, without regard to principles
of conflict of laws (whether in the State of Kansas or any other jurisdiction) that would cause the application of the laws of
any jurisdiction other than the State of Kansas.

 

10.         Choice
of Venue and Consent to Jurisdiction. Each Party hereby irrevocably submits to the exclusive jurisdiction of the courts
located in the City of Manhattan, Kansas, if such courts have or can acquire jurisdiction, and if such jurisdiction does not exist
and cannot be acquired, to the exclusive jurisdiction of the United States District Court serving the City of Manhattan, Kansas,
for the purpose of any suit, action, or other proceeding arising out of or based on this Agreement or any other agreement contemplated
hereby or any subject matter hereof, whether in tort, contract, or otherwise.

 

11.         Service of Process. Each Party may be served with process in any manner permitted
under State of Kansas law, or by United States registered or certified mail, return receipt requested.

 

12.      
  Entire Agreement. This Agreement constitutes the entire agreement between the Parties concerning the
subject matter hereof, and supersedes all prior negotiations, undertakings, agreements, and arrangements with respect
thereto, whether written or oral, including the Prior Employment Agreement.

 

13.    
    Withholding of Taxes. The Company may withhold from any benefits payable under this
Agreement all federal, state, city and other taxes as may be required pursuant to any law, governmental regulation, or
ruling.

 

14.     
   No Assignment. Executive’s right to receive benefits under this Agreement shall not be
assignable or transferable whether by pledge, creation of a security interest, or otherwise, other than a transfer by will or
by the laws of descent or distribution. In the event of any attempted assignment or transfer contrary to this Section 14,
the Company and its Affiliates shall have no liability to pay any amount so attempted to be assigned or transferred. This
Agreement shall inure to the benefit of and be enforceable by Executive’s personal and legal representatives,
executors, administrators, successors, heirs, distributees, devisees, and legatees.

 

15.     
   Successors. This Agreement shall be binding upon and inure to the benefit of the Company, its
successors, and assigns.

 

16.      
  Legal Fees. In the event that either Party commences mediation, arbitration, litigation, or any
similar action to enforce or protect such Party’s rights in accordance with and under this Agreement, the prevailing
Party in any such action shall be entitled to recover reasonable attorneys’ fees and costs (including the costs of
experts, evidence, and counsel) and other costs relating to such action, in addition to all other entitled relief, including
damages and injunctive relief.

 

17.         Amendment. This Agreement may not be amended or modified except by written agreement
signed by the Parties.

 

    	 

    	 

    

 

18.   
     Code Section 409A.

 

(a)          To
the extent any provision of this Agreement or action by the Company would subject Executive to liability for interest or additional
taxes under Code Section 409A, it shall be deemed null and void, to the extent permitted by law and deemed advisable by the Company.
It is intended that this Agreement will comply with Code Section 409A, and this Agreement shall be administered accordingly and
interpreted and construed on a basis consistent with such intent. Notwithstanding any provision of this Agreement to the contrary,
no termination or similar payments or benefits shall be payable hereunder on account of a Termination unless such Termination constitutes
a “separation from service” within the meaning of Code Section 409A. For purposes of Code Section 409A, all installment
payments of deferred compensation made hereunder, or pursuant to another plan or arrangement, shall be deemed to be separate payments.
To the extent any reimbursements or in-kind benefit payments under this Agreement are subject to Code Section 409A, such reimbursements
and in-kind benefit payments shall be made in accordance with Treasury Regulation Section 1.409A-3(i)(1)(iv). This Agreement may
be amended to the extent necessary (including retroactively) by the Company to avoid the application of taxes or interest under
Code Section 409A, while maintaining to the maximum extent practicable the original intent of this Agreement. This Section 18
shall not be construed as a guarantee of any particular tax effect for Executive’s benefits under this Agreement and the
Company does not guarantee that any such benefits will satisfy the provisions of Code Section 409A or any other provision
of the Code.

 

(b)          Notwithstanding
any provision of this Agreement to the contrary, if Executive is determined to be a Specified Employee as of the Termination Date,
then, to the extent required pursuant to Code Section 409A, payments due under this Agreement that are deemed to be deferred compensation
shall be subject to a six-month delay following the Termination Date; and all delayed payments shall be accumulated and paid in
a lump-sum payment as of the first day of the seventh month following the Termination Date (or, if earlier, as of Executive’s
death), with all such delayed payments being credited with interest (compounded monthly) for this period of delay equal to the
prime rate in effect on the first day of such six-month period. Any portion of the benefits hereunder that were not otherwise due
to be paid during the six-month period following the Termination Date shall be paid to Executive in accordance with the payment
schedule established herein.

 

19.    
    Scope of Company and Affiliate Obligations. Although the Company and its Affiliates
may have jointly obligated themselves to Executive under certain provisions of this Agreement, in no event shall Executive be
entitled to more than what is explicitly provided for hereunder, such that no duplicative payments shall be provided under
this Agreement.

 

    	 

    	 

    

 

20.         Construction.

 

(a)          In
this Agreement, unless otherwise stated, the following uses apply: (i) references to a statute refer to the statute and any
amendments and any successor statutes, and to all regulations promulgated under or implementing the statute, as amended, or its
successors, as in effect at the relevant time; (ii) 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”; (iii) references
to a governmental or quasi-governmental agency, authority, or instrumentality also refer to a regulatory body that succeeds to
the functions of the agency, authority, or instrumentality; (iv) indications of time of day are based upon the time applicable
to the location of the principal headquarters of the Company; (v) the words “include,” “includes,”
and “including” (and the like) mean “include, without limitation,” “includes, without limitation,”
and “including, without limitation,” (and the like) respectively; (vi) all references to preambles, recitals,
sections, and exhibits are to preambles, recitals, sections, and exhibits in or to this Agreement; (vii) the words “hereof,”
“herein,” “hereto,” “hereby,” “hereunder,” (and the like) refer to this Agreement
as a whole (including exhibits); (viii) any reference to a document or set of documents, and the rights and obligations of
the parties under any such documents, means such document or documents as amended from time to time, and all modifications, extensions,
renewals, substitutions, or replacements thereof; (ix) all words used shall be construed to be of such gender or number as
the circumstances and context require; (x) the captions and headings of preambles, recitals, sections, and exhibits appearing
in or attached to this Agreement have been inserted solely for convenience of reference and shall not be considered a part of this
Agreement, nor shall any of them affect the meaning or interpretation of this Agreement or any of its provisions; and (xi) all
accounting terms not specifically defined herein shall be construed in accordance with GAAP.

 

(b)          If
a court of competent jurisdiction determines that any provision of this Agreement is invalid or unenforceable, then the invalidity
or unenforceability of that provision shall not affect the validity or enforceability of any other provision of this Agreement
and all other provisions shall remain in full force and effect.

 

(c)          The
various covenants and provisions of this Agreement are intended to be severable and to constitute independent and distinct binding
obligations.

 

(d)          Without
limiting the generality of the foregoing, if the scope of any covenant contained in this Agreement is too broad to permit enforcement
to its full extent, such covenant shall be enforced to the maximum extent permitted by law, and such scope may be judicially modified
accordingly.

 

(e)          This
Agreement may be executed in any number of counterparts, each of which shall be deemed an original, and all of which together shall
constitute one and the same Agreement.

 

21.         Definitions. As used in this Agreement, the terms defined in this Section
21 have the meanings set forth below.

 

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

 

(b)          “Affiliate”
means each Business Entity that, directly or indirectly, is controlled by, controls, or is under common control with, the Company,
where “control” means (i) the ownership of more than 50% of the Voting Securities or other voting or equity interests
of any Business Entity, or (ii) the possession, directly or indirectly, of the power to direct or cause the direction of the management
and policies of such Business Entity.

 

(c)          “Agreement”
means this employment agreement, made and entered into as of the Effective Date, by and between the Parties.

 

(d)          “Annual
Base Salary” has the meaning set forth in Section 3(a).

 

    	 

    	 

    

 

(e)          “Average
Incentive Bonus” means the average of Incentive Bonuses determined for the immediately preceding three completed fiscal
years of the Company; provided, however, that if an Incentive Bonus has not yet been determined for a previously completed
fiscal year as of the Termination Date, then Target Bonus shall be used with respect to such fiscal year for purposes of calculating
the Average Incentive Bonus. For purposes of calculating the Average Incentive Bonus, fiscal years for which no bonus was determined
to have been earned shall be included in the calculation of the three-year average.

 

(f)          “Bank”
means Landmark National Bank, a national chartered bank with its main office located in Manhattan, Kansas.

 

(g)          “Bank
Board” means the Board of Directors of the Bank.

 

(h)          “Base
Compensation” means the amount equal to the sum of (i) the greater of Executive’s then-current Annual Base
Salary or Executive’s Annual Base Salary as of the date one day prior to the Change in Control, (ii) the Average Incentive
Bonus, and (iii) the contributions made or credited by the Company under all employee retirement plans for the benefit of
Executive (other than elective deferrals by Executive) for the most recently completed fiscal year of the Company.

 

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

 

(j)          “Business
Entity” means any corporation, partnership, limited liability company, joint venture, association, partnership, business
trust or other business entity.

 

(k)          “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 1934 Act)
of “beneficial ownership” (within the meaning of Rule 13d-3 promulgated under the 1934 Act) of more than 50% of the
combined voting power of the then outstanding Voting Securities of the Company;

 

(ii)         During
any 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 shareholders, 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 this Agreement, 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 shareholders immediately before such merger
or consolidation do not, as a result of such merger or consolidation, own, directly or indirectly, more than 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.

 

    	 

    	 

    

 

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

 

Further notwithstanding
any provision of this definition to the contrary, in the event that any amount or benefit under this Agreement 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” under Code Section 409A.

 

(l)          “COBRA”
means the Consolidated Omnibus Budget Reconciliation Act of 1985.

 

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

 

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

 

(o)          “Company
Proprietary and Intellectual Property” means all products, systems, methods, procedures, techniques, manuals, databases,
plans, lists, inventions, discoveries, innovations, improvements, enhancements, concepts, ideas, and software conceived, created,
compiled, or otherwise developed by the Company or its Affiliates and/or comprised, in whole or part, of Confidential Information,
together with all patent rights, copyrights, trademarks, service marks, trade name rights and other source identifiers, trade secrets,
and other intellectual property and property rights therein, if any.

 

(p)          “Company
Work Product” means all products, systems, methods, procedures, techniques, manuals, databases, plans, lists, inventions,
discoveries, innovations, improvements, enhancements, concepts, ideas, and software conceived, created, compiled, or otherwise
developed by Executive in the course of Executive’s employment with the Company or its Affiliates and/or comprised, in whole
or part, of Confidential Information, together with all patent rights, copyrights, trademarks, service marks, trade name rights,
trade secrets, and other intellectual property and propriety rights therein, if any. Notwithstanding the foregoing sentence, to
the extent required by applicable state statute, Company Work Product shall not include (i) any inventions independently developed
by Executive and not derived, in whole or part, from any Confidential Information or (ii) any invention made by Executive prior
to Executive’s exposure to any Confidential Information.

 

(q)          “Competitor”
means a bank, savings bank, savings and loan association, credit union, or similar financial institution.

 

(r)          “Confidential
Information” means confidential or proprietary non-public information concerning the Company or its Affiliates, including
research, development, designs, formulae, processes, specifications, technologies, marketing materials, financial and other information
concerning customers and prospective customers, customer lists, records, data, computer programs, source codes, object codes, database
structures, trade secrets, proprietary business information, pricing and profitability information, policies, strategic planning,
commitments, plans, procedures, litigation, pending litigation, and other information not generally available to the public.

 

    	 

    	 

    

 

(s)          “Covered
Period” means the period beginning six months prior to a Change in Control and ending on the date that is 24 months after
the Change in Control.

 

(t)          “Disability”
means that (i) Executive 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 can be expected to last for a continuous period of not less than
12 months, or (ii) Executive is, by reason of any medically determinable physical or mental impairment that can be expected
to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement
benefits for a period of not less than three months under an accident or health plan covering employees of the Company. In the
event of a dispute regarding whether Executive has incurred a Disability, each of Executive and the Company shall choose a physician
who together shall choose a third physician to make a final determination regarding whether Executive has incurred a Disability.

 

(u)          “Effective
Date” means November 1, 2013.

 

(v)         “Employment
Period” has the meaning set forth in Section 1.

 

(w)          “Excess
Parachute Payment” has the meaning set forth in Code Section 280G.

 

(x)          “Executive”
means Bradly L. Chindamo.

 

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

 

(z)          “FDIC”
means the Federal Deposit Insurance Corporation.

 

(aa)         “Good
Reason” means the occurrence of any one of the following events, unless Executive agrees in writing that such event shall
not constitute Good Reason:

 

(i)          A
material and adverse change in the nature, scope, or status of Executive’s position, authorities, or duties from those in
effect in accordance with Section 2; provided, however, that a change in title as a result of a merger
or reorganization of the Company or the Bank, where Executive maintains a similar level of responsibility or oversight (including,
where applicable, duties with respect to a public company officer or director), shall not constitute Good Reason or a breach of
this Agreement;

 

(ii)         A
material reduction in Executive’s then-current Annual Base Salary, or a material reduction in Executive’s aggregate
benefits or other compensation plans in effect immediately following the Effective Date;

 

(iii)        A
relocation of Executive’s primary place of employment of more than 25 miles, which relocation also causes Executive’s
primary place of employment to be located further from Executive’s primary residence;

 

    	 

    	 

    

 

(iv)        Removal
of Executive from, or failure to elect Executive to, the Board or the Bank Board; or

 

(v)         A
material breach by the Company of this Agreement.

 

Notwithstanding
any provision of this Good Reason definition to the contrary, (A) prior to a Termination for Good Reason, Executive must give the
Company written notice of the existence of any condition set forth in a clause immediately above within 90 days of its initial
existence and the Company shall have 30 days from the date of such notice in which to cure the condition giving rise to Good Reason,
if curable, and if, during such 30-day period, the Company cures the condition giving rise to Good Reason, such condition shall
not constitute Good Reason and (B) any Termination for Good Reason must occur within six months of the initial existence of
the condition constituting Good Reason.

 

(bb)         “Incentive
Bonus” has the meaning set forth in Section 3(b).

 

(cc)         “Involuntary
Termination” means a Termination during the Employment Period either:

 

(i)          By
the Company, other than (A) a Termination for Cause, (B) a termination as a result of Executive’s death or Disability, or
(C) a termination due to the expiration of this Agreement; or

 

(ii)         By
Executive for Good Reason.

 

(dd)         “Minimum
Benefits” means, as applicable, the following:

 

(i)          Executive’s
earned but unpaid Annual Base Salary for the period ending on the Termination Date;

 

(ii)         Executive’s
earned but unpaid Incentive Bonus, if any, for any completed fiscal year preceding the Termination Date; provided, however,
that Executive shall not be entitled to any Incentive Bonus in the event of a Termination for Cause;

 

(iii)        Executive’s
accrued but unpaid vacation pay for the period ending on the Termination Date;

 

(iv)        Executive’s
unreimbursed business expenses through and including the Termination Date, provided that all required submissions for expense
reimbursement are made in accordance with the Company’s expense reimbursement policy and within 15 days following the Termination
Date; and

 

(v)         The
benefits, incentives, and awards described in Section 4(g)(i).

 

(ee)         “Online
Medium” means any website, domain, social network account or identity, blog, feed, email address, email distribution
list, or other Internet account or presence (including Instagram, Tumblr, Facebook, Twitter, and Flicker) that incorporates, exploits,
utilizes, displays, or otherwise makes use of any of the Company Proprietary and Intellectual Property, Company Work Product, or
Confidential Information.

 

    	 

    	 

    

 

(ff)         “Parties”
means the Company, the Bank, and Executive.

 

(gg)         “Prior
Employment Agreement” has the meaning set forth in the Recitals.

 

(hh)         “Promotional
Work” means, without limitation, photographs, films, clips, sketches, segments, and other media and promotional works.

 

(ii)         “Release”
means a general release and waiver substantially in the form attached hereto as Exhibit A.

 

(jj)         “Restricted
Area” means the area that encompasses a 35-mile radius from each banking or other office location of the Company and
its Affiliates.

 

(kk)         “Restricted
Period” means a period of 18 months immediately following a Termination, whether such Termination occurs during the Employment
Period or thereafter.

 

(ll)         “Restrictive
Covenant” has the meaning set forth in Section 6(c).

 

(mm)         “Severance
Amount” means

 

(i)          For
any Termination that occurs during the Employment Period and not during a Covered Period, an amount equal to 100% of Executive’s
Base Compensation as of the respective Termination; or

 

(ii)         For
any Termination that occurs during a Covered Period, an amount equal to 200% of Executive’s Base Compensation as of the respective
Termination.  

 

(nn)         “Severance
Restrictions” means any applicable statute, law, regulation, or regulatory interpretation or other guidance, including
FIL-66-2010 and any related or successor FDIC guidance, that would require the Company or any Affiliate to seek or demand repayment
or return of any payments made to Executive for any reason, including the Company, an Affiliate or their successors later obtaining
information indicating that Executive has committed, is substantially responsible for, or has violated, the respective acts or
omissions, conditions, or offenses outlined under 12 C.F.R. 359.4(a)(4).

 

(oo)         “Specified
Employee” means any person who is a “key employee” (as defined in Code Section 416(i) without regard to paragraph
(5) thereof), as determined by the Company based upon the 12-month period ending on each December 31st (such 12-month period is
referred to below as the “identification period”). If Executive is determined to be a key employee, Executive shall
be treated as a Specified Employee for purposes of this Agreement during the 12-month period that begins on the April 1 following
the close of the identification period. For purposes of determining whether Executive is a key employee, “compensation”
means Executive’s W-2 compensation as reported by the Company for a particular calendar year.

 

    	 

    	 

    

 

(pp)         “Substantial
Business Efforts” means marketing, promotional, purchasing, sales, or solicitation activities undertaken on behalf of
the Company or an Affiliate, which include (i) in person and voice communications and (ii) either or both of (A) delivery
of a quote, bid, proposal, or request for any of the foregoing or (B) visits to the site of the actual or potential business
development and other similar meetings or visits (conducted alone or with other employees of the Company or an Affiliate), where
such activities would enjoy a reasonable prospect of success in the absence of any breach of this Agreement.

 

(qq)         “Target
Bonus” means Executive’s target Incentive Bonus for the applicable fiscal year, if one is used, and if not, the
Target Bonus shall be determined based upon the mid-point between the maximum Incentive Bonus and the threshold Incentive Bonus
for the applicable fiscal year, with the threshold bonus based upon the first level of performance for which some amount of Incentive
Bonus would be payable.

 

(rr)         “Termination”
means termination of Executive’s employment with the Company and all Affiliates for any reason or no reason.

 

(ss)         “Termination
Date” means the date of Termination.

 

(tt)         “Termination
for Cause” means a termination of Executive’s employment by the Company as a result of any of the following (in
each case as determined by the Board):

 

(i)          Executive’s
willful and continuing failure to perform Executive’s obligations hereunder, which failure is not remedied within 10 business
days after receipt of written notice of such failure from the Company;

 

(ii)         Executive’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)        Executive’s
breach of fiduciary responsibility;

 

(iv)        An
act of dishonesty by Executive that is materially injurious to the Company or an Affiliate;

 

(v)         Executive’s
engagement in one or more unsafe or unsound banking practices that have a material adverse effect on the Company or an Affiliate;

 

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

 

(vii)       A
material breach by Executive of this Agreement;

 

(viii)      An
act or omission by Executive that leads to a material harm (financial or reputational) to the Company or an Affiliate; or

 

(ix)         A
material breach by Executive 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 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, with
respect to subsections (i), (vii), (viii), and (ix), Executive shall be entitled to at least 30 days’ prior written notice
of the Company’s intention to terminate Executive’s employment in a Termination for Cause, which notice shall specify
the grounds for the Termination for Cause; and Executive shall be provided a reasonable opportunity to cure any conduct or act,
if curable, alleged as grounds for the Termination for Cause, and a reasonable opportunity to present to the Board Executive’s
position regarding any dispute relating to the existence of any grounds for Termination for Cause.

 

Further, all
rights Executive has or may have under this Agreement shall be suspended automatically during (A) the pendency of any investigation
by the Board or its designee, or (B) any negotiations between the Board or its designee and Executive regarding any actual or alleged
act or omission by Executive 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 Executive.

 

(uu)         “Total
Payments” has the meaning set forth in Section 4(f).

 

(vv)         “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.

 

22.         Survival.
The provisions of Section 6 shall survive the termination of this Agreement.

 

[Signature page follows.]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
each of the Company and the Bank has caused this Agreement to be executed in its name and on its behalf, and Executive acknowledges
understanding and acceptance of, and agrees to, the terms of this Agreement, all as of the Effective Date.

 

	 	LANDMARK BANCORP, INC.
	 	 
	 	By:	 	/s/ Patrick L. Alexander
	 	 
	 	Print Name:	Patrick L. Alexander
	 	 
	 	Title:	 	Chairman and CEO
	 	 
	 	LANDMARK NATIONAL BANK
	 	 
	 	By:	 	/s/ Patrick L. Alexander
	 	 
	 	Print Name:	Patrick L. Alexander
	 	 
	 	Title:	 	Chairman and CEO
	 	 
	 	Bradly L. Chindamo
	 	 
	 	By:	 	/s/ Bradly L. Chindamo

 

    	 

    	 

    

 

EXHIBIT A

 

Agreement
and Release and Waiver

 

This Agreement
and Release (“Agreement”) is made and entered into by and between Landmark
Bancorp, Inc. (the “Company”) and [_______________]
(“Executive”).

 

Whereas,
Executive and the Company desire to settle fully and amicably all issues between them, including any issues arising out of Executive’s
employment with the Company and the termination of that employment; and

 

Whereas,
Executive and the Company are parties to that certain Employment Agreement, made and entered into as of [_______________],
as amended (the “Employment Agreement”).

 

Now,
therefore, for and in consideration of the mutual promises contained herein, and for other good and sufficient consideration,
receipt of which is hereby acknowledged, Executive and the Company (collectively, the “Parties” and, individually,
each a “Party”), intending to be legally bound, hereby agree as follows:

 

1.          Termination
of Employment. Executive’s employment with the Company shall terminate effective as of the close of business on [_______________]
(the “Termination Date”).

 

2.          Compensation
and Benefits. Subject to the terms of this Agreement, the Company shall compensate Executive under this Agreement as follows
(collectively, the “Severance Payments”):

 

(a)          Severance
Amount. [_______________].

 

(b)          Accrued
Salary and Vacation. Executive shall be entitled to a lump sum payment in an amount equal to Executive’s earned but unpaid
annual base salary and vacation pay for the period ending on the Termination Date, with such payment to be made on the first payroll
date following the Termination Date.

 

(c)          COBRA
Benefits. [_______________].

 

(d)          Executive
Acknowledgement. Executive acknowledges that, subject to fulfillment of all obligations provided for herein, Executive has
been fully compensated by the Company, including under all applicable laws, and that nothing further is owed to Executive with
respect to wages, bonuses, severance, other compensation, or benefits. Executive further acknowledges that the Severance Payments
(other than (b) above) are consideration for Executive’s promises contained in this Agreement, and that the Severance Payments
are above and beyond any wages, bonuses, severance, other compensation, or benefits to which Executive is entitled from the Company
under the terms of Executive’s employment or under any other contract or law that Executive would be entitled to absent execution
of this Agreement.

 

(e)          Withholding.
The Severance Payments shall be treated as wages and subject to all taxes and other payroll deductions required by law.

 

    	A-1

    	 

    

 

3.          Termination
of Benefits. Except as provided in Section 2 above or as may be required by law, Executive’s participation in
all employee benefit (pension and welfare) and compensation plans of the Company shall cease as of the Termination Date. Nothing
contained herein shall limit or otherwise impair Executive’s right to receive pension or similar benefit payments that are
vested as of the Termination Date under any applicable tax-qualified pension or other plans, pursuant to the terms of the applicable
plan.

 

4.          Release
of Claims and Waiver of Rights. Executive, on Executive’s own behalf and that of Executive’s heirs, executors,
attorneys, administrators, successors, and assigns, fully releases and discharges the Company, its predecessors, successors, parents,
subsidiaries, affiliates, and assigns, and its and their directors, officers, trustees, employees, and agents, both in their individual
and official capacities, and the current and former trustees and administrators of each retirement and other benefit plan applicable
to the employees and former employees of the Company, both in their official and individual capacities (the “Releasees”)
from all liability, claims, demands, and actions Executive now has, may have had, or may ever have, whether currently known or
unknown, as of or prior to Executive’s execution of this Agreement (the “Release”), including liability
claims, demands, and actions:

 

(a)          Arising
from or relating to Executive’s employment or other association with the Company, or the termination of such employment,

 

(b)          Relating
to wages, bonuses, other compensation, or benefits,

 

(c)          Relating
to any employment or change in control contract,

 

(d)          Relating
to any employment law, including

 

(i)          The
United States and State of Kansas Constitutions,

 

(ii)         The
Civil Rights Act of 1964,

 

(iii)        The
Civil Rights Act of 1991,

 

(iv)        The
Equal Pay Act,

 

(v)         The
Employee Retirement Income Security Act of 1974,

 

(vi)        The
Age Discrimination in Employment Act (the “ADEA”),

 

(vii)       The
Americans with Disabilities Act,

 

(viii)      Executive
Order 11246, and

 

(ix)         Any
other federal, state, or local statute, ordinance, or regulation relating to employment,

 

(e)          Relating
to any right of payment for disability,

 

(f)          Relating
to any statutory or contractual right of payment, and

 

    	A-2

    	 

    

 

(g)          For
relief on the basis of any alleged tort or breach of contract under the common law of the State of Kansas or any other state, including
defamation, intentional or negligent infliction of emotional distress, breach of the covenant of good faith and fair dealing, promissory
estoppel, and negligence.

 

Executive acknowledges
that Executive is aware that statutes exist that render null and void releases and discharges of any claims, rights, demands, liabilities,
actions, and causes of action that are unknown to the releasing or discharging party at the time of execution of the release and
discharge. Executive waives, surrenders, and shall forego any protection to which Executive would otherwise be entitled by virtue
of the existence of any such statutes in any jurisdiction, including the State of Kansas.

 

5.          Exclusions
from General Release. Excluded from the Release are any claims or rights that cannot be waived by law, as well as Executive’s
right to file a charge with an administrative agency or participate in any agency investigation. Executive is, however, waiving
the right to recover any money in connection with a charge or investigation. Executive is also waiving the right to recover any
money in connection with a charge filed by any other individual or by the Equal Employment Opportunity Commission or any other
federal or state agency.

 

6.          Covenant
Not to Sue.

 

(a)          A
“covenant not to sue” is a legal term that means Executive promises not to file a lawsuit in court. It is different
from the release of claims and waiver of rights contained in Section 4 above. Besides waiving and releasing the claims covered
by Section 4 above, Executive shall never sue the Releasees in any forum for any reason covered by the Release. Notwithstanding
this covenant not to sue, Executive may bring a claim against the Company to enforce this Agreement, to challenge the validity
of this Agreement under the ADEA or for any claim that arises after execution of this Agreement. If Executive sues any of the Releasees
in violation of this Agreement, Executive shall be liable to them for their reasonable attorneys’ fees and costs (including
the costs of experts, evidence, and counsel) and other litigation costs incurred in defending against Executive’s suit. In
addition, if Executive sues any of the Releasees in violation of this Agreement, the Company can require Executive to return all
but a sum of $100 of the Severance Payments, which sum is, by itself, adequate consideration for the promises and covenants in
this Agreement. In that event, the Company shall have no obligation to make any further Severance Payments.

 

(b)          If
Executive has previously filed any lawsuit against any of the Releasees, Executive shall immediately take all necessary steps and
execute all necessary documents to withdraw or dismiss such lawsuit to the extent Executive’s agreement to withdraw, dismiss,
or not file a lawsuit would not be a violation of any applicable law or regulation.

 

7.          Representations
by Executive. Executive warrants that Executive is legally competent to execute this Agreement and that Executive has not relied
on any statements or explanations made by the Company or its attorneys. Executive acknowledges that Executive has been afforded
the opportunity to be advised by legal counsel regarding the terms of this Agreement, including the Release. Executive acknowledges
that Executive has been offered at least 21 days to consider this Agreement. After being so advised, and without coercion of any
kind, Executive freely, knowingly, and voluntarily enters into this Agreement. Executive acknowledges that Executive may revoke
this Agreement within seven days after Executive has signed this Agreement and acknowledges understanding that this Agreement shall
not become effective or enforceable until seven days after Executive has signed this Agreement (the “Effective Date”),
as evidenced by the date set forth below Executive’s signature on the signature page hereto. Any revocation must be in
writing and directed to [_______________]. If sent by mail, any revocation must be
postmarked within the seven-day period described above and sent by certified mail, return receipt requested.

 

    	A-3

    	 

    

 

8.          Restrictive
Covenants. Section 6 of the Employment Agreement (entitled “Restrictive Covenants”), shall continue in full force
and effect as if fully restated herein.

 

9.          Non-Disparagement.
Executive shall not engage in any disparagement or vilification of the Releasees, and shall refrain from making any false, negative,
critical, or disparaging statements, implied or expressed, concerning the Releasees, including regarding management style, methods
of doing business, the quality of products and services, role in the community, or treatment of employees. Executive shall do nothing
that would damage the Company’s business reputation or goodwill.

 

10.         Company
Property.

 

(a)          Executive
shall return to the Company all information, property, and supplies belonging to the Company or any of its affiliates, including
any confidential or proprietary information, Company autos, keys (for equipment or facilities), laptop computers and related equipment,
cellular phones, smart phones or PDAs (including SIM cards), security cards, corporate credit cards, and the originals and all
copies of all files, materials, and documents (whether in tangible or electronic form) containing confidential or proprietary information
or relating to the business of the Company or any of its affiliates.

 

(b)          Executive
shall not, at any time on or after the Termination Date, directly or indirectly use, access, or in any way alter or modify any
of the databases, e-mail systems, software, computer systems, or hardware or other electronic, computerized, or technological systems
of the Company or any of its affiliates. Executive acknowledges that any such conduct by Executive would be illegal and would subject
Executive to legal action by the Company, including claims for damages and/or appropriate injunctive relief.

 

11.         No
Admissions. The Company denies that the Company or any of its affiliates, or any of their employees or agents, has taken any
improper action against Executive, and this Agreement shall not be admissible in any proceeding as evidence of improper action
by the Company or any of its affiliates or any of their employees or agents.

 

12.         Confidentiality
of Agreement. Executive shall keep the existence and the terms of this Agreement confidential, except for Executive’s
immediate family members and Executive’s legal and tax advisors in connection with services related hereto and except as
may be required by law or in connection with the preparation of tax returns.

 

13.         Non-Waiver.
The Company’s waiver of a breach of this Agreement by Executive shall not be construed or operate as a waiver of any subsequent
breach by Executive of the same or of any other provision of this Agreement.

 

14.         Governing
Law. This Agreement shall be governed by and construed under the laws of the State of Kansas, without regard to principles
of conflict of laws (whether in the State of Kansas or any other jurisdiction) that would cause the application of the laws of
any jurisdiction other than the State of Kansas.

 

    	A-4

    	 

    

 

15.         Legal
Fees. In the event that either Party commences mediation, arbitration, litigation, or any similar action to enforce or protect
such Party’s rights in accordance with and under this Agreement, the prevailing Party in any such action shall be entitled
to recover reasonable attorneys’ fees and costs (including the costs of experts, evidence, and counsel) and other costs relating
to such action, in addition to all other entitled relief, including damages and injunctive relief.

 

16.         Entire
Agreement. This Agreement sets forth the entire agreement of the Parties regarding the subject matter hereof, and shall be
final and binding as to all claims that have been or could have been advanced on behalf of Executive pursuant to any claim arising
out of or related in any way to Executive’s employment with the Company and the termination of that employment.

 

17.         Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same Agreement.

 

18.         Successors.
This Agreement shall be binding upon and inure to the benefit of the Company, its successors and assigns.

 

19.         Enforcement.
The provisions of this Agreement shall be regarded as divisible and separable and if any provision should be declared invalid or
unenforceable by a court of competent jurisdiction, the validity and enforceability of the remaining provisions shall not be affected
thereby. If the scope of any restriction or requirement contained in this Agreement is too broad to permit enforcement of such
restriction or requirement to its full extent, then such restriction or requirement shall be enforced to the maximum extent permitted
by law, and Executive hereby consents that any court of competent jurisdiction may so modify such scope in any proceeding brought
to enforce such restriction or requirement. In addition, Executive stipulates that breach by Executive of restrictions and requirements
under this Agreement will cause irreparable damage to the Releasees in the case of Executive’s breach and that the Company
would not have entered into this Agreement without Executive binding Executive to these restrictions and requirements. In the event
of Executive’s breach of this Agreement, in addition to any other remedies the Company may have, and without bond and without
prejudice to any other rights and remedies that the Company may have for Executive’s breach of this Agreement, the Company
shall be relieved of any obligation to provide Severance Payments and shall be entitled to an injunction to prevent or restrain
any such violation by Executive and all persons directly or indirectly acting for or with Executive. Executive stipulates that
the restrictive period for which the Company is entitled to an injunction shall be extended in for a period that equals the time
period during which Executive is or has been in violation of the restrictions contained herein.

 

    	A-5

    	 

    

 

20.         Construction.
In this Agreement, unless otherwise stated, the following uses apply: (a) references to a statute refer to the statute and
any amendments and any successor statutes, and to all regulations promulgated under or implementing the statute, as amended, or
its successors, as in effect at the relevant time; (b) 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”; (c) references
to a governmental or quasi-governmental agency, authority, or instrumentality also refer to a regulatory body that succeeds to
the functions of the agency, authority, or instrumentality; (d) indications of time of day are based upon the time applicable
to the location of the principal headquarters of the Company; (e) the words “include,” “includes,”
and “including” (and the like) mean “include, without limitation,” “includes, without limitation,”
and “including, without limitation,” (and the like) respectively; (f) all references to preambles, recitals, sections,
and exhibits are to preambles, recitals, sections, and exhibits in or to this Agreement; (g) the words “hereof,”
“herein,” “hereto,” “hereby,” “hereunder,” (and the like) refer to this Agreement
as a whole (including exhibits); (h) any reference to a document or set of documents, and the rights and obligations of the
parties under any such documents, means such document or documents as amended from time to time, and all modifications, extensions,
renewals, substitutions, or replacements thereof; (i) all words used shall be construed to be of such gender or number as
the circumstances and context require; (j) the captions and headings of preambles, recitals, sections, and exhibits appearing
in or attached to this Agreement have been inserted solely for convenience of reference and shall not be considered a part of this
Agreement, nor shall any of them affect the meaning or interpretation of this Agreement or any of its provisions; and (k) all
accounting terms not specifically defined herein shall be construed in accordance with GAAP.

 

21.         Future
Cooperation. In connection with any and all claims, disputes, negotiations, governmental, internal or other investigations,
lawsuits, or administrative proceedings (the “Legal Matters”) involving the Company or any affiliate, or any
of their current or former officers, employees or board members (collectively, the “Disputing Parties” and,
individually, each a “Disputing Party”), Executive shall make himself reasonably available, upon reasonable
notice from the Company and without the necessity of subpoena, to provide information and documents, provide declarations and statements
regarding a Disputing Party, meet with attorneys and other representatives of a Disputing Party, prepare for and give depositions
and testimony, and otherwise cooperate in the investigation, defense, and prosecution of any and all such Legal Matters, as may,
in the good faith and judgment of the Company, be reasonably requested. The Company shall consult with Executive and make reasonable
efforts to schedule such assistance so as not to materially disrupt Executive’s business and personal affairs. The Company
shall reimburse all reasonable expenses incurred by Executive in connection with such assistance, including travel, meals, rental
car, and hotel expenses, if any; provided such expenses are approved in advance by the Company and are documented in a manner
consistent with expense reporting policies of the Company as may be in effect from time to time.

 

    	A-6

    	 

    

 

In
witness whereof, the Parties have duly executed this Agreement as of the dates set forth below their respective
signatures below.

 

	 	LANDMARK BANCORP, INC.
	 	 	 
	 	By:	 	 
	 	 	 
	 	Print Name:	 
	 	 	 
	 	Title:	 	 
	 	 	 
	 	Date:	 	 

 

	 	EXECUTIVE
	 	 	 
	 	By:	 	 
	 	 	 
	 	Print Name:	 
	 	 	 
	 	Date:	 	 

 

    	A-7Exhibit 10.4

LEASE

 

Mahmud Haq (the “Landlord”),
a natural person residing at 10 Beekman Road, Franklin Park, New Jersey, agrees to Lease the below referenced premises to Medical
Transcription Billing, Corp. (the “Tenant”), a Delaware Corporation with its principal place of business at
7 Clyde Road, Suite 201, Somerset, New Jersey, and the Tenant agrees to Lease the said premises from the Landlord, in accordance
with the below stated terms.

 

		a)	The premises
                                         to be rented hereunder (the “Leased Premises”) is Units 7.101 and
                                         7.201 of the condominium park known as the “Professional Center at Somerset,”
                                         located at 7 Clyde Road, Somerset Township, Somerset County, NJ 08873. The Leased Premises
                                         consist of two floors described as follows: Unit 7.101 (First Floor) common area, five
                                         office spaces, bathroom, kitchenette in hallway, storage closet, and utility closet.
                                         Unit 7.201 (Second Floor) a bathroom, storage area, server room, conference room, main
                                         hall and kitchenette in hallway and one front door providing access to the Leased Premises.

 

		b)	This Lease shall
                                         commence on October 01, 2012 and, subject to the provisions set forth hereinafter, shall
                                         expire on September 30, 2017 (the “Term” shall refer to foregoing
                                         period of time and any renewals and extensions thereof). Except as otherwise provided
                                         herein, this Lease shall not be terminable by either party during the currency of initial
                                         Term (i.e. from October 01, 2012 through September 30, 2017). During any renewed Term,
                                         this Lease may be terminated by either party after serving on other written notice of
                                         termination at least three (03) months prior to the proposed termination date.

 

		c)	The rent due for the initial Term shall be Three Hundred
Sixty Thousand Dollars ($360,000.00), payable as follows:

 

October 1, 2012 through September 30, 2013:
Monthly installments of Five Thousand Five Hundred Dollars ($5,500.00).

 

October 1, 2013 through September 30, 2014:
Monthly installments of Five Thousand Seven Hundred and Fifty Dollars ($5,750.00).

 

October 1, 2014 through September 30, 2015:
Monthly installments of Six Thousand Dollars ($6,000.00).

 

October 1, 2015 through September 30, 2016:
Monthly installments of Six Thousand Two Hundred and Fifty Dollars ($6,250.00).

 

October 1,2016 through September 30, 2017:
Monthly installments of Six Thousand Five Hundred Dollars ($6,500.00).

 

Each monthly rental installment
shall be paid on or before the 1st day of each month. If any installment of rent is not received on or before the 5th
day of the respective month, the Tenant shall pay the Landlord, upon demand and in addition to the monthly rent installment
payment due, a late fee in an amount equal to five percent (5%) of the amount due (“Late Fee”).

 

    	Page 1 of 7

    	 

    

 

		1.	Supersession of Earlier Agreement

This Lease hereby supersedes the earlier
Lease between the Landlord and Tenant commenced on June 1,2009.

 

		2.	Possession and Use

The Landlord
shall give possession of the Leased Premises to the Tenant for the Term subject to the qualifications set forth in subparagraph
(b) above and in this paragraph. The Leased Premises shall be delivered to the Tenant in a broom clean and vacant condition, except
that all tagged furniture contained in the Leased Premises will be inventoried and remain in the Leased Premises for the Tenant’s
use during the Term. The Tenant shall have the right to use the Leased Premises for any use permitted by law; provided,
however, that the Tenant’s use of the Leased Premises shall also comply at all times with the rules and regulations
of the condominium association.

 

		3.	Payment of Rent

The Tenant shall pay rent to the Landlord
at the Landlord’s address in accordance with subparagraph (c) above. If any Late Fee (should one be incurred) is not paid upon
demand, this will constitute the full rent not being timely paid and will subject the Tenant to the provisions in this Lease for
nonpayment of rent. It is understood and agreed that should the Tenant fail to vacate the premises on or before the expiration
date set forth in subparagraph (b) above, the monthly rental set forth in subparagraph (c) above shall be double the amount payable
by the Tenant upon the expiration of the Term, unless the Landlord and the Tenant agree in writing to some alternate payment for
holding over.

 

		4.	Additional Rent

If the Tenant fails to comply with any
provision of this Lease, the Landlord may, after first providing written notice of breach and a five (5) days’ opportunity to cure
same, charge the cost to comply to the Tenant as “additional rent,” including reasonable attorney’s fees incurred by
the Landlord as a result of the Tenant’s violation of any provision of this Lease. The additional rent shall be due and payable
as rent with the next monthly rent payment. Nonpayment of additional rent and any other amounts payable by the Tenant hereunder
shall give the Landlord the same rights against the Tenant as if the Tenant failed to pay the monthly rent installment payment.

 

		5.	Security

The Tenant has not provided
any additional security to the Landlord under this Lease.

 

		6.	No Assignment or Subletting

The Tenant may not
do any of the following without the Landlord’s prior written consent, which shall not be unreasonably withheld: (a) assign the
Lease, (b) sublet all or any part of the Leased Premises, or (c) permit any other person(s) to use the Leased Premises. Notwithstanding
anything contained herein to the contrary, if any of the foregoing occurs, the Tenant shall remain fully bound by and obligated
for and with respect to all of the Tenant’s obligations and duties hereunder.

 

    	Page 2 of 7

    	 

    

  

		7.	Violation, Eviction and Re-entry

The Landlord
reserves a right of re-entry, which allows the Landlord to end this Lease and re-enter the Leased Premises if the Tenant
violates any agreement in this Lease and fails to cure the same within five (5) days of the Landlord’s written notice of
breach. The Landlord may also evict the Tenant for anyone of the other grounds of good cause allowed by law. The Tenant shall
be obligated to reimburse the Landlord for the reasonable attorney’s fees and costs associated with the Landlord’s successful
application for an eviction.

 

		8.	Damages

The Tenant is liable for all damages caused
by the Tenant’s violation of any provision in this Lease, and such damages shall include reasonable attorney’s fees and costs incurred
by the Landlord.

 

As set forth in Article 7 above, the Landlord
shall also have the right to evict the Tenant from the Leased Premises in the event that the Tenant violates any agreement in this
Lease. In the event of an eviction, the Tenant shall pay the unpaid rent for the entire balance of the Term or until the Landlord
re-rents the Leased Premises, if sooner. If the Landlord re-rents the Leased Premises for less than the rent payable by the Tenant
hereunder, the Tenant must pay the difference to the Landlord until the end of the Term. If the Landlord re-rents the Leased Premises
for more than the rent payable by the Tenant hereunder, the Tenant shall not be entitled to the excess. The Tenant shall also pay
(a) all reasonable expenses incurred by the Landlord in preparing the Leased Premises for re-renting, and (b) any commissions paid
to a broker for finding a new tenant.

 

		9.	Quiet Enjoyment

The Landlord has the right to enter into
this Lease. If the Tenant complies with this Lease, the Landlord shall provide the Tenant with undisturbed possession of the Leased
Premises.

 

		10.	Utilities and Services

 

		a.	The Tenant shall arrange and pay for all utilities
and services furnished to the Leased Premises, including the following:

 

		a)	Heat;

		b)	Hot and cold water;

		c)	Electricity;

		d)	Gas; and

		e)	Sewage.

 

The Landlord is not liable for any inconvenience
or harm caused by any suspension, stoppage or reduction of services beyond the Landlord’s reasonable control. This does not excuse
the Tenant from paying rent or other payments payable hereunder or the Landlord from promptly taking corrective action.

 

		b.	The Tenant shall be responsible for paying any and
all Association and maintenance fees relating to the Leased Premises.

 

		c.	The Tenant shall be responsible for paying all property
and other local or state taxes associated with the Leased Premises.

 

    	Page 3 of 7

    	 

    

 

		11.	Tenant’s
Repairs and Maintenance

The Tenant shall:

 

		a)	Pay for all repairs, replacements and damages to the Leased Premises which become necessary
                                                                               during the term of the tenancy and which are not the responsibility of the Landlord, as set forth below;

		b)	Keep and maintain the Leased Premises in a neat, clean,
safe and sanitary condition;

		c)	Take good care of the Leased Premises and all equipment
contained therein;

		d)	Keep the furnace and HVAC system clean;

		e)	Keep nothing in the Leased Premises which is inflammable,
dangerous or might increase the danger of fire or other casualty;

		f)	Promptly remove from the Leased Premises all garbage
and debris and take to the appropriate condominium authorized location for collection;

		g)	Do nothing to cause a cancellation or an increase
in the cost of Landlord’s fire or liability insurance;

		h)	Use no more electricity than the wiring or feeders
to the Leased Premises can safely carry;

		i)	Obey any written instructions of the Landlord for
the care and use of appliances, equipment, and other personal property in the Leased Premises;

		j)	Do nothing to destroy, deface, damage, or remove any
part of the Leased Premises;

		k)	Do nothing to destroy the peace and quiet of the Landlord,
other tenants or persons in the neighborhood; and

		l)	Promptly comply with all orders and rules of the Board
of Health, the condominium association or other authorities governing the Leased Premises which are directed to the Tenant.

 

The Landlord shall be responsible for all
major structural repairs to the building of which the Leased Premises forms a part, including the roof, exterior walls, structural
foundations and any repairs other than routine care and maintenance to the major operating systems, including the heating, air
conditioning, plumbing and electrical systems, unless caused by the Tenant’s negligence, neglect or misuse of the Leased Premises.

 

		12.	Access to Leased Premises

The Landlord shall have access to the
Leased Premises upon reasonable notice to the Tenant, during normal business hours, to (a) inspect the Leased Premises, (b) make
necessary repairs, alterations or improvements, (c) supply services, (d) access the equipment owned by the Landlord which is located
in the Leased Premises, and (e) show it to possible buyers, mortgage lenders, contractors or insurers. The Landlord shall make
reasonable efforts not to interfere with the Tenant’s operation of its business when entering the Leased Premises for the
purpose of making repairs, alterations or any corrections to the Leased Premises.

 

The Landlord may show the Leased Premises
to rental applicants at reasonable hours upon notice to the Tenant within three (3) months before the end of the Tenn.

 

    	Page 4 of 7

    	 

    

 

The Landlord may enter the Leased Premises
at any time without notice to the Tenant in case of emergency or other necessity or to prevent damage.

 

		13.	No Alterations or Installation of Equipment

The Tenant may not make any changes or
additions to the Leased Premises without the Landlord’s written consent. This rule includes but is not limited to:

 

		a)	Installation of paneling, flooring, built-in decorations,
partitions, moldings, or any other fixtures drilled into or attached to the floors, walls, or ceilings.

		b)	Installation or any locks or chain-guards.

		c)	Painting or other decorations.

		d)	Installation of any equipment or wiring.

		e)	Change in the plumbing, air conditioning, electrical
or heating systems.

 

All changes or additions made without the
Landlord’s written consent shall be removed by the Tenant on demand.

 

All changes or additions made with the
Landlord’s written consent shall become the property of the Landlord when completed and paid for by the Tenant. They shall remain
as part of the Leased Premises at the end of the Term unless the Landlord demands that the Tenant remove them. The Tenant shall
promptly pay all costs of any permitted changes and additions. The Tenant shall not allow any mechanic’s lien or other claim to
be filed against the Leased Premises. If any lien or claim is filed against the Leased Premises, the Tenant shall have it promptly
removed.

 

		14.	Fire and Other Casualty

The Tenant shall notify the Landlord at
once of any fire or other casualty in the Leased Premises. The Tenant is not required to pay rent when the Leased Premises is
unusable, provided, however, that if the Tenant uses part of the Leased Premises, the Tenant must pay rent pro-rata for the part
used.

 

If the Leased Premises are partially damaged
by fire or other casualty the Landlord shall repair it within a reasonable time. This includes the damage to the Leased Premises
and fixtures installed by the Landlord. The Landlord need not repair or replace anything installed by the Tenant.

 

Either
party may cancel this Lease if the Leased Premises are so damaged by fire or other casualty that it cannot be repaired within
ninety (90) days. If the parties cannot agree, the opinion of a contractor chosen by the Landlord and the Tenant will be
binding upon both parties.

 

This Lease shall end if the Leased Premises
are totally destroyed. The Tenant shall pay rent to the date of destruction.

 

If
the fire or other casualty is caused by the act or neglect of the Tenant, the Tenant’s invitees, family, customers or
employees, the Tenant shall pay for all repairs and all other damages.

 

    	Page 5 of 7

    	 

    

 

The Landlord agrees and represents that
it currently has liability insurance covering the entire building that shall remain in effect during the entire Lease term.

 

		15.	Liability of Landlord and Tenant

The Landlord is not liable for loss, injury,
or damage to any person or property unless it is due to the Landlord’s act or negligence. The Tenant is liable for any loss, injury
or damage to any person or property caused by the act or negligence of the Tenant, the Tenant’s invitees, family, customers or
employees,

 

		16.	Insurance

The Tenant shall obtain liability insurance
in the amount of One Million Dollars ($1,000,000.00), which shall include a clause indemnifying the Landlord against any claim
of personal injury occurring on or about the Leased Premises and a requirement that Landlord receive notice of non-renewal or cancellation.
Tenant shall provide proof of insurance to Landlord prior to the commencement of the Term.

 

		17.	Subordination to Mortgage

This Lease and all renewals of this Lease
shall be subordinate to all present and future mortgages on the Leased Premises and grounds. In a sale of the Leased Premises and
grounds arising out of a foreclosure, the holder of a mortgage on the Leased Premises and grounds may end this Lease. The Tenant
shall sign all papers needed to subordinate this Lease to any mortgage on the Leased Premises and grounds. If the Tenant refuses,
the Landlord may sign the papers on behalf of the Tenant.

 

		18.	Tenant’s Letter

At the request of the Landlord, the Tenant
shall sign a letter stating that (a) this Lease has not been amended and is in effect, (b) the Landlord has fully performed all
of the Landlord’s agreements contained in this Lease, (c) the Tenant has no rights to the Leased Premises, except as stated in
this Lease, (d) the Tenant has paid all rent to date, and (e) the Tenant has not paid rent for more than one month in advance.
The letter shall also list all the property attached to the Leased Premises, if any, which is owned by the Tenant.

 

		19.	Notices

All notices given under this Lease must
be in writing. Each party must accept and claim the notices given by the other. Unless otherwise required by law, the notices may
be given by (a) personal delivery, or (b) certified mail, return receipt requested. Notices shall be addressed to the Landlord
at the address written at the beginning of this Lease and to the Tenant at the Leased Premises.

 

		20.	No Waiver

The Landlord’s failure to enforce any agreement
in this Lease shall not prevent the Landlord from enforcing the agreement for any violation occurring at a later time.

 

		21.	Survival

If any agreement in this Lease is contrary
to law, the rest of the Lease shall remain in effect.

 

    	Page 6 of 7

    	 

    

 

		22.	End of Term

At the end of the Term, the Tenant shall
(a) clean the Leased Premises, (b) remove all of the Tenant’s property, (c) repair all damage, including that caused by the Tenant’s
use and possession of the Leased Premises or moving, and (d) vacate the Leased Premises and return it with all keys to the Landlord
in the same condition as it was at the beginning of the Term, except for normal wear and tear.

 

If the Tenant leaves any property in the
Leased Premises, the Landlord may (a) dispose it of and charge the Tenant for the cost of disposal, or (b) keep it as abandoned
property.

 

		23.	Full Agreement

The parties have read this Lease. It contains
their full agreement. It may not be changed except in writing signed by the Landlord and the Tenant.

 

		24.	Commissions

The parties each warrant and represent
to the other that, to the best of their knowledge and belief, no brokers are entitled to a fee with regard to the execution of
this Lease.

 

		25.	Compliance with Building and Township Codes, Requirements

The Landlord represents that he has complied
with applicable building codes and other requirements of the Township of Somerset, including compliance with the requirements of
the fire department and smoke detector and other requirements, and that all necessary permits have been obtained for the Leased
Premises, except any licenses or permits required for the Tenant’s use or possession of the Leased Premises. Under no circumstances
shall the Tenant be responsible for the cost of correcting any code violations or other building requirement violations, unless
such violations are caused by the Tenant or result from the Tenant’s use of the Leased Premises.

 

		26.	Applicable Law, Jurisdiction and Venue

This Lease shall be governed by the laws
of the State of New Jersey, without regard to choice of law provisions. The parties irrevocably consent to the exclusive jurisdiction
of the State of New Jersey, with venue situated in Somerset County.

 

IN WITNESS WHEREOF, the parties have each
caused this Lease to be duly executed, intending to be legally bound hereby.

 

	Medical Transcription Billing, Corp.	Mahmud U. Haq,
	Tenant 	Landlord
	 	 	 	 	 
	By:	/s/ Stephen A. Snyder	 	/s/ Mahmud U. Haq	 
	Name: Stephen A. Snyder	 
	Position: President	 

 

    	Page 7 of 7

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