Document:

EXHIBIT
10.9

 

LANDMARK
BANCORP, INC.

2001 STOCK INCENTIVE PLAN

NON-QUALIFIED STOCK OPTION AGREEMENT

 

1.                                       A
STOCK OPTION to acquire [      
(#)] shares (hereinafter referred to as “Shares”) of Common Stock of LANDMARK
BANCORP, INC. (hereinafter referred to as the “Company”) is hereby granted to [EMPLOYEE NAME] [DIRECTOR NAME] (hereinafter referred to as
the “Optionee”), subject in all respects to the terms and conditions of the LANDMARK BANCORP, INC. 2001 STOCK
INCENTIVE PLAN (hereinafter referred to as the “Plan”) and such other terms and conditions as are set forth
herein.  All defined terms herein shall
have the meaning given them under the Plan.

 

2.                                       This
Option is not intended to constitute an “incentive stock option” under Section
422 of the Internal Revenue Code of 1986, as amended.

 

3.                                       The
option price as determined by the [Committee] [Board]
is           Dollars and             
Cents ($        ) per Share.  The aggregate option price may be paid in any
one of a combination of the methods provided in Section 4(c)(ii) of the Plan.

 

4.                                       a.                                       This
Option shall vest and may be exercised in accordance with the following
schedule:

 

	
  [Date]

  	
   

  	
  #

  
	
  [Date]

  	
   

  	
  #

  
	
  [Date]

  	
   

  	
  #

  
	
  [Date]

  	
   

  	
  #

  

 

b.                                      In
the event of the Termination of Service of the Optionee for Cause, this Option
shall immediately become unexercisable and all options, vested and unvested,
shall be immediately forfeited and terminated.

 

c.                                       In
the event of a Change of Control, as defined in the Plan, this Option shall be
fully vested and exercisable.

 

d.                                      In
the event of the Optionee’s voluntary Termination of Service, the Optionee
shall have the right to exercise, within the ninety (90) day period immediately
following such Termination of Service, those options that are vested as of the
date of Termination of Service.

 

e.                                       In
the event the Optionee’s Termination of Service is due to termination by the
Company or one of its affiliates without Cause, the Optionee shall have the
right to exercise, within the ninety (90) day period immediately following such
Termination of Service, those options that are vested as of the date of
Termination of Service.

 

5.                                       The
Company’s obligation to deliver Shares with respect to an award shall, if the
Committee so requests, be conditioned upon the receipt of a representation as
to the investment intent of

 

33

 

the individual to whom
such Shares are to be delivered, in such form as the Committee shall determine
to be necessary or advisable to comply with the provisions of the Securities
Act or any other federal or state securities legislation or regulation.  It may be provided that any representation
requirement shall become unnecessary upon a registration of the Shares or other
action eliminating the necessity of such representation under securities
legislation.  The Company shall not be
required to issue and deliver any Shares under the Plan prior to:  (a) the
admission of such Shares to listing on any stock exchange on which Shares may
then be listed, and (b) the
completion of such registration or other qualification of such Shares under any
state or federal law, rule or regulation, as the Board shall determine to be
necessary or advisable.  The Plan is
intended to comply with Rule 16b-3, to the extent it is applicable.  Any provision of the Plan which is
inconsistent with said rule shall, to the extent of such inconsistency, be
inoperative and shall not affect the validity of the remaining provisions of
the Plan.

 

6.                                       The
Shares issued pursuant to the exercise of this Option shall at all times be
subject to the Company’s right of first refusal as set forth in Section 8 of
the Plan.

 

7.                                       This
Option may not be transferred in any manner, except as provided in Section
5(c)(vi) of the Plan.

 

8.                                       This
Option may not be exercised more than ten (10) years after the date indicated
below and may be exercised during such term only in accordance with the terms
and conditions set forth in the Plan, including any limitations on
post-employment or post-service exercise.

 

	
  Dated:                  
    , 200   .

  	
   

  
	
   

  	
   

  
	
   

  	
  LANDMARK
  BANCORP, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  [title]

  
					

 

ATTEST:

 

The
Optionee acknowledges that he has received a copy of the Plan and is familiar
with the terms and conditions set forth therein.  The Optionee agrees to accept as binding,
conclusive, and final all decisions and interpretations of the Committee.  As a condition to the exercise of this
Option, the Optionee authorizes the Company to withhold from any regular cash
compensation payable by the Company any taxes required to be withheld under any
federal, state or local law as a result of exercising this Option.

 

	
  Dated:                        ,
  200   .

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  [Employee/Director
  Name]

  
					

 

(TO BE EXECUTED IN DUPLICATE)

 

34

 

LANDMARK
BANCORP, INC.

2001 STOCK INCENTIVE PLAN

INCENTIVE STOCK OPTION AGREEMENT

 

1.                                       A
STOCK OPTION to acquire [      
(#)] shares (hereinafter referred to as “Shares”) of Common Stock of LANDMARK
BANCORP, INC. (hereinafter referred to as the “Company”) is hereby granted to [EMPLOYEE NAME] (hereinafter referred to as the “Optionee”),
subject in all respects to the terms and conditions of the LANDMARK BANCORP, INC. 2001 STOCK
INCENTIVE PLAN (hereinafter referred to as the “Plan”) and such other terms and conditions as are set forth herein.  All defined terms herein shall have the
meaning given them under the Plan.

 

2.                                       This
Option is intended to constitute an “incentive stock option” under Section 422
of the Internal Revenue Code of 1986, as amended.

 

3.                                       The
option price as determined by the [Committee] [Board]
is           Dollars and             
Cents ($        ) per Share.  The aggregate option price may be paid in any
one of a combination of the methods provided in Section 4(c)(ii) of the Plan.

 

4.                                       a.                                       This
Option shall vest and may be exercised in accordance with the following
schedule:

 

	
  [Date]

  	
   

  	
  #

  
	
  [Date]

  	
   

  	
  #

  
	
  [Date]

  	
   

  	
  #

  
	
  [Date]

  	
   

  	
  #

  

 

f.                                         In
the event of the Termination of Service of the Optionee for Cause, this Option
shall immediately become unexercisable and all options, vested and unvested,
shall be immediately forfeited and terminated.

 

g.                                      In
the event of a Change of Control, as defined in the Plan, this Option shall be
fully vested and exercisable.

 

h.                                      In
the event of the Optionee’s voluntary Termination of Service, the Optionee shall
have the right to exercise, within the ninety (90) day period immediately
following such Termination of Service, those options that are vested as of the date
of Termination of Service.

 

i.                                          In
the event the Optionee’s Termination of Service is due to termination by the
Company or one of its affiliates without Cause, the Optionee shall have the
right to exercise, within the ninety (90) day period immediately following such
Termination of Service, those options that are vested as of the date of
Termination of Service.

 

5.                                       The
Company’s obligation to deliver Shares with respect to an award shall, if the
Committee so requests, be conditioned upon the receipt of a representation as
to the investment intent of the individual to whom such Shares are to be
delivered, in such form as the Committee shall determine to be necessary or
advisable to comply with the provisions of the Securities Act or any other
federal or

 

35

 

state securities
legislation or regulation.  It may be
provided that any representation requirement shall become unnecessary upon a
registration of the Shares or other action eliminating the necessity of such
representation under securities legislation. 
The Company shall not be required to issue and deliver any Shares under
the Plan prior to:  (a) the admission of such Shares to listing
on any stock exchange on which Shares may then be listed, and (b) the completion of such registration or
other qualification of such Shares under any state or federal law, rule or
regulation, as the Board shall determine to be necessary or advisable.  The Plan is intended to comply with Rule
16b-3, to the extent it is applicable. 
Any provision of the Plan which is inconsistent with said rule shall, to
the extent of such inconsistency, be inoperative and shall not affect the
validity of the remaining provisions of the Plan.

 

6.                                       The
Shares issued pursuant to the exercise of this Option shall at all times be
subject to the Company’s right of first refusal as set forth in Section 8 of
the Plan.

 

7.                                       This
Option may not be transferred in any manner, except as provided in Section
5(d)(iv) of the Plan.

 

8.                                       This
Option may not be exercised more than ten (10) years after the date indicated
below and may be exercised during such term only in accordance with the terms
and conditions set forth in the Plan, including any limitations on
post-employment or post-service exercise.

 

	
  Dated:             
    , 200   .

  	
   

  
	
   

  	
   

  
	
   

  	
  LANDMARK
  BANCORP, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  [title]

  
					

 

ATTEST:

 

The
Optionee acknowledges that he has received a copy of the Plan and is familiar
with the terms and conditions set forth therein.  The Optionee agrees to accept as binding,
conclusive, and final all decisions and interpretations of the Committee.  As a condition to the exercise of this
Option, the Optionee authorizes the Company to withhold from any regular cash
compensation payable by the Company any taxes required to be withheld under any
federal, state or local law as a result of exercising this Option.

 

 

	
  Dated:                        ,
  200   .

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  [EmployeeName]

  
					

 

(TO BE EXECUTED IN DUPLICATE)

 

36EXHIBIT
10.10

 

The
Landmark Bancorp, Inc. Compensation Committee oversees the bonuses for all
executive officers.  The bonuses are
determined based on our financial performance (including return on assets,
return on equity and earnings per share growth) while also taking into
consideration individual employee’s performance in achieving our short and long
term goals.

 

1

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