Document:

Exhibit 10.1

 

CHANGE IN TERMS AGREEMENT

 

	Principal	 	Loan Date	 	Maturity	 	Loan No	 	Call/Coll	 	Account	 	Officer Initials
	$7,500,000.00	 	11-01-2017	 	11-01-2018	 	xxxxxxx	 		 		 	***

 

	Borrower:	Landmark Bancorp, Inc.	Lender:	First National Bank of Omaha
	 	701 Poyntz Ave	 	Downtown-Corporate Banking Group
	 	Manhattan KS 66502-6055	 	1620 Dodge St SC 1031
	 	 	 	Omaha, NE 68197

========================================================================================

	Principal Amount: $7,500,000.00	Date of Agreement: November 1, 2017

 

DESCRIPTION OF EXISTING INDEBTEDNESS.
This Change in Terms Agreement is an amendment and/or modification of the terms and conditions of indebtedness of Borrower as set
forth in a Promissory Note dated November 1, 2016, in the amount of $7,500,00.00, and shall include all renewals, modifications
and extensions of such documents.

 

DESCRIPTION OF CHANGE IN TERMS. As fully
set forth herein below, this Change in Terms Agreement generally modifies the terms applicable to the existing indebtedness by
extending the maturity date. Any sums due and owing hereunder shall take into account any principal and interest payments made
by the Borrower in accordance with regular established billing cycles.

 

PROMISE TO PAY. Landmark Bancorp, Inc. (“Borrower”)
promises to pay to First National Bank of Omaha (“Lender”), or order, in lawful money of the United States of America,
the principal amount of Seven Million Five Hundred Thousand & 00/100 Dollars ($7,500,000.00) or so much as may be outstanding,
together with Interest on the unpaid outstanding principal balance of each advance. Interest shall be calculated from the date
of each advance until repayment of each advance.

 

PAYMENT. Borrower will pay this loan in
one payment of all outstanding principal plus all accrued unpaid interest on November 1, 2018. In addition, Borrower will pay regular
quarterly payments of all accrued unpaid interest due as of each payment date, beginning February 1, 2018, with all subsequent
interest payments to be due on the same day of each quarter after that. Unless otherwise agreed or required by applicable law,
payments will be applied to interest, principal, and expenses owing under the Note In an order determined by Lender. Borrower will
pay Lender at Lender’s address shown above or at such other place as Lender may designate in writing.

 

VARIABLE INTEREST RATE. The interest
rate on this loan is subject to change from time to time based on changes in an independent Index which Is the U.S. Prime Rate
as published by the Wall Street Journal and currently is determined by the base rate on corporate loans posted by at least seventy
percent (70%) of the nations ten (10) largest banks (the “Index”). The Index is not necessarily the lowest rate charged
by Lender on its loans. If the Index becomes unavailable during the term of this loan, Lender may designate a substitute index
after notifying Borrower. Lender will tell Borrower the current Index rate upon Borrower’s request. The interest rate change
will not occur more often than each day during the term of the loan. Borrower understands that Lender may make loans based on other
rates as well. The Index currently is 4.250% per annum. Interest on the unpaid principal balance of this loan will be calculated
as described in the “INTEREST CALCULATION METHOD” paragraph using a rate of 0.250 percentage points under the Index,
resulting in an initial rate of 4.000% per annum based on a year of 360 days. NOTICE: Under no circumstances will the interest
rate on this loan be more than the maximum rate allowed by applicable law.

 

INTEREST CALCULATION METHOD. Interest on
this loan Is computed on a 365/360 basis; that Is, by applying the ratio of the interest rate over a year of 360 days, multiplied
by the outstanding principal balance, multiplied by the actual number of days the principal balance is outstanding. All Interest
payable under this loan Is computed using this method.

 

PREPAYMENT. Borrower may pay without
penalty all or a portion of the amount owed earlier than it is due. Early payments will not, unless agreed to by Lender in writing,
relieve Borrower of Borrower’s obligation to continue to make payments of accrued unpaid interest. Rather, early payments
will reduce the principal balance due. Borrower agrees not to send Lender payments marked “paid in full”, “without
recourse”, or similar language. If Borrower sends such a payment, Lender may accept it without losing any of Lender’s
rights under this Agreement, and Borrower will remain obligated to pay any further amount owed to Lender. All written communications
concerning disputed amounts, including any check or other payment instrument that indicates that the payment constitutes “payment
In full” of the amount owed or that is tendered with other conditions or limitations or as full satisfaction of a disputed
amount must be mailed or delivered to: First National Bank of Omaha, Downtown- Corporate Banking Group, 1620 Dodge St SC 1031,
Omaha, NE 68197.

 

    	 

     

     

 

LATE CHARGE. If a payment Is 10 days
or more late, Borrower will be charged 5.000% of the regularly scheduled payment or $25.00, whichever is greater.

 

INTEREST AFTER DEFAULT. Upon default,
including failure to pay upon final maturity, the interest rate on this loan shall be increased by adding an additional 6.000 percentage
point margin (“Default Rate Margin”). The Default Rate Margin shall also apply to each succeeding interest rate change
that would have applied had there been no default. However, in no event will the interest rate exceed the maximum interest rate
limitations under applicable law.

 

DEFAULT. Each of the following shall
constitute an Event of Default under this Agreement:

 

Payment Default.
Borrower fails to make any payment when due under this Indebtedness.

 

Other Defaults. Borrower fails
to comply with or to perform any other term, obligation, covenant or condition contained in this Agreement or in any of the Related
Documents or to comply with or to perform any term, obligation, covenant or condition contained in any other agreement between
Lender and Borrower.

 

Default in Favor of Third Parties.
Borrower defaults under any loan, extension of credit, security agreement, purchase or sales agreement, or any other agreement,
in favor of any other creditor or person that may materially affect any of Borrower’s property or ability to perform Borrower’s
obligations under this Agreement or any of the Related Documents.

 

False Statements. Any warranty,
representation or statement made or furnished to Lender by Borrower or on Borrower’s behalf, or made by Guarantor, or any
other guarantor, endorser, surety, or accommodation party, under this Agreement or the Related Documents in connection with the
obtaining of the Indebtedness evidenced by this Agreement or any security document directly or indirectly securing repayment of
this Agreement is false or misleading in any material respect, either now or at the time made or furnished or becomes false or
misleading at any time thereafter.

 

Insolvency. The dissolution
or termination of Borrower’s existence as a going business, the insolvency of Borrower, the appointment of a receiver for
any part of Borrower’s property, any assignment for the benefit of creditors, any type of creditor workout, or the commencement
of any proceeding under any bankruptcy or insolvency laws by or against Borrower.

 

Creditor or Forfeiture Proceedings.
Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help, repossession or any other method,
by any creditor of Borrower or by any governmental agency against any collateral securing the Indebtedness. This includes a garnishment
of any of Borrower’s accounts, including deposit accounts, with Lender. However, this Event of Default shall not apply if
there is a good faith dispute by Borrower as to the validity or reasonableness of the claim which is the basis of the creditor
or forfeiture proceeding and if Borrower gives Lender written notice of the creditor or forfeiture proceeding and deposits with
Lender monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined by Lender, in its sole discretion,
as being an adequate reserve or bond for the dispute.

 

Execution; Attachment. Any
execution or attachment is levied against the Collateral, and such execution or attachment is not set aside, discharged or stayed
within thirty (30) days after the same Is levied.

 

Change in Zoning or Public Restriction.
Any change in any zoning ordinance or regulation or any other public restriction is enacted, adopted or implemented, that limits
or defines the uses which may be made of the Collateral such that the present or intended use of the Collateral, as specified in
the Related Documents, would be in violation of such zoning ordinance or regulation or public restriction, as changed.

 

Default Under Other Lien Documents.
A default occurs under any other mortgage, deed of trust or security agreement covering all or any portion of the Collateral.

 

    	 

     

     

 

Judgment. Unless adequately
covered by insurance in the opinion of Lender, the entry of a final judgment for the payment of money involving more than ten thousand
dollars ($10,000.00) against Borrower and the failure by Borrower lo discharge the same, or cause ii lo be discharged, or bonded
off lo Lenders satisfaction, within thirty (30) days from the date of the order, decree or process under which or pursuant lo which
such judgment was entered.

 

Events Affecting Guarantor.
Any of the preceding events occurs with respect to any Guarantor, or any other guarantor, endorser, surely, or accommodation party
of any of the Indebtedness or any Guarantor, or any other guarantor, endorser, surely, or accommodation party dies or becomes incompetent,
or revokes or disputes the validity of, or liability under, any Guaranty of the Indebtedness evidenced by this Note.

 

Change In Ownership. Any change
in ownership of twenty-five percent (25%) or more of the common stock of Borrower.

 

Adverse Change. A material
adverse change occurs in Borrowers financial condition, or Lender believes the prospect of payment or performance of the Indebtedness
is impaired.

 

Insecurity. Lender
in good faith believes itself insecure.

 

LENDER’S RIGHTS. Upon default,
Lender may declare the entire unpaid principal balance under this Agreement and all accrued unpaid interest immediately due, and
then Borrower will pay that amount.

 

ATTORNEYS’ FEES; EXPENSES. Lender
may hire or pay someone else to help collect this Agreement if Borrower does not pay. Borrower will pay Lender that amount. This
includes, subject lo any limits under applicable law, Lender’s attorneys’ fees and Lender’s legal expenses, whether
or not there is a lawsuit, including attorneys’ fees, expenses for bankruptcy proceedings (including efforts lo modify or
vacate any automatic stay or injunction), and appeals. if not prohibited by applicable law, Borrower also will pay any court costs,
in addition lo all other sums provided by law.

 

JURY WAIVER. Lender and Borrower hereby
waive the right to any jury trial in any action, proceeding, or counterclaim brought by either Lender or Borrower against the other.

 

GOVERNING LAW. This Agreement will be governed
by federal law applicable to Lender and, to the extent not preempted by federal law, the laws of the State of Nebraska without
regard to its conflicts of law provisions. This Agreement has been accepted by Lender in the Slate of Nebraska.

 

CHOICE OF VENUE. If there is a lawsuit,
Borrower agrees upon Lenders request to submit lo the jurisdiction of the courts of Douglas County, Slate of Nebraska.

 

DISHONORED ITEM FEE. Borrower will pay
a fee lo Lender of $30.00 if Borrower makes a payment on Borrowers loan and the check or preauthorized charge with which Borrower
pays is later dishonored.

 

RIGHT OF SETOFF. To the extent permitted
by applicable law, Lender reserves a right of setoff in all Borrower’s accounts with Lender (whether checking, savings, or
some other account). This includes all accounts Borrower holds jointly with someone else and all accounts Borrower may open in
the future. However, this does not include any IRA or Keogh accounts, or any trust accounts for which setoff would be prohibited
by law. Borrower authorizes Lender, lo the extent permitted by applicable law, to charge or setoff all sums owing on the indebtedness
against any and all such accounts, and, at Lender’s option, to administratively freeze all such accounts to allow Lender
to protect Lenders charge and setoff rights provided In this paragraph.

 

COLLATERAL. Borrower acknowledges this
Agreement is secured by a Commercial Pledge Agreement dated November 1, 2016, and any and all other security agreements or documents
and any and all other collateral agreements or documents associated with this Loan or Note whether now existing or hereafter arising.

 

LINE OF CREDIT. This Agreement evidences
a revolving line of credit. Advances under this Agreement may be requested either orally or in writing by Borrower or as provided
in this paragraph. Lender may, but need not, require that all oral requests be confirmed in writing. All communications, instructions,
or directions by telephone or otherwise lo Lender are to be directed to Lender’s office shown above. Borrower agrees lo be
liable for all sums either: (A) advanced in accordance with the instructions of an authorized person or (B) credited to any of
Borrower’s accounts with Lender. The unpaid principal balance owing on this Agreement at any time may be evidenced by endorsements
on this Agreement or by Lenders internal records, including daily computer print-outs.

 

    	 

     

     

 

CONTINUING VALIDITY. Except as expressly
changed by this Agreement, the terms of the original obligation or obligations, including all agreements evidenced or securing
the obligation(s), remain unchanged and in full force and effect. Consent by Lender to this Agreement does not waive Lender’s
right to strict performance of the obligation(s) as changed, nor obligate Lender to make any future change in terms. Nothing in
this Agreement will constitute a satisfaction of the obligation(s). It is the intention of Lender to retain as liable parties all
makers and endorsers of the original obligation(s), including accommodation parties, unless a party is expressly released by Lender
in writing. Any maker or endorser, including accommodation makers, will not be released by virtue of this Agreement. If any person
who signed the original obligation does not sign this Agreement below, then all persons signing below acknowledge that this Agreement
is given conditionally, based on the representation to Lender that the non-signing party consents to the changes and provisions
of this Agreement or otherwise will not be released by it. This waiver applies not only to any initial extension, modification
or release, but also to all such subsequent actions.

 

U.S.A. PATRIOT ACT. To help the government
fight the funding of terrorism and money laundering activities, the USA PATRIOT Act requires all banks to obtain and verify the
identity of each person or business that opens an account. When Borrower opens an account Lender will ask Borrower for information
that will allow Lender lo properly identify Borrower and Lender will verify that information. If Lender cannot properly verify
identity within 30 calendar days, Lender reserves the right to deem all of the balance and accrued interest due and payable immediately.

 

ELECTRONIC COPIES. Lender may copy,
electronically or otherwise, and thereafter destroy, the originals of this Agreement and/or Related Documents in the regular course
of Lender’s business. All such copies produced from an electronic form or by any other reliable means (i.e., photographic
image or facsimile) shall in all respects be considered equivalent lo an original, and Borrower hereby waives any rights or objections
lo the use of such copies.

 

CROSS DEFAULT. An Event of Default,
beyond the applicable cure period, if any, or an Event of Default under any other Loan or any Related Document will constitute
an Event of Default under this Agreement and a default and an Event of Default under any other agreement by Borrower or any affiliate
or subsidiary of Borrower with or in favor of Lender and under any evidence of any Loan or Indebtedness held by Lender, whether
or not such is specified therein. Borrower acknowledges that some Loan Documents will be preprinted forms and that it is the intent
of Borrower and Lender that all Loans and Guaranties by Borrower or any affiliate or subsidiary of Borrower with or in favor of
Lender be cross-defaulted with each other.

 

SUCCESSORS AND ASSIGNS. Subject to any
limitations slated in this Agreement on transfer of Borrower’s interest, this Agreement shall be binding upon and inure lo
the benefit of the parties, their successors and assigns. If ownership of the Collateral becomes vested in a person other than
Borrower, Lender, without notice to Borrower, may deal with Borrower’s successors with reference to this Agreement and the
Indebtedness by way of forbearance or extension without releasing Borrower from the obligations of this Agreement or liability
under the Indebtedness.

 

MISCELLANEOUS PROVISIONS. If any part
of this Agreement cannot be enforced, this fact will not affect the rest of the Agreement. Lender may delay or forgo enforcing
any of its rights or remedies under this Agreement without losing them. Borrower and any other person who signs, guarantees or
endorses this Agreement, to the extent allowed by law, waive presentment, demand for payment, and notice of dishonor. Upon any
change in the terms of this Agreement, and unless otherwise expressly stated in writing, no party who signs this Agreement, whether
as maker, guarantor, accommodation maker or endorser, shall be released from liability. All such parties agree that Lender may
renew or extend (repeatedly and for any length of lime) this loan or release any party or guarantor or collateral; or impair, fail
lo realize upon or perfect Lenders security interest in the collateral; and lake any other action deemed necessary by Lender without
the consent of or notice to anyone. All such parties also agree that Lender may modify this loan without the consent of or notice
to anyone other than the party with whom the modification is made. The obligations under this Agreement are joint and several.

 

    	 

     

     

PRIOR TO SIGNING THIS AGREEMENT, BORROWER READ AND UNDERSTOOD
ALL THE PROVISIONS OF THIS AGREEMENT, INCLUDING THE VARIABLE INTEREST RATE PROVISIONS. BORROWER AGREES TO THE TERMS OF THE AGREEMENT.

 

BORROWER:

 

LANDMARK BANCORP, INC

 

/s/ Mark A Herpich

 

Mark
A Herpich, Chief Fin. Officer/Secretary of

Landmark Bancorp, Inc.

 

FIRST NATIONAL BANK OF OMAHA

 

/s/ Chris Reiner

 

Chris Reiner, Vice PresidentExhibit 10.1

 

PROTECTIVE LIFE CORPORATION

ANNUAL INCENTIVE PLAN

(Effective January 1, 2018)

 

1.                                      Purpose.

 

The purpose of the Plan is to enable the Company and its Subsidiaries to attract, retain, motivate and reward qualified officers and key employees by providing them with the opportunity to earn competitive compensation directly linked to the Company’s performance.

 

2.                                      Definitions.

 

Unless the context requires otherwise, the following terms as used in the Plan shall have the meanings ascribed to each below.

 

“Board” shall mean the Board of Directors of the Company.

 

“Committee” shall mean the Compensation and Management Succession Committee of the Board (or such other committee of the Board as the Board may designate from time to time) or any subcommittee thereof.

 

“Company” shall mean Protective Life Corporation.

 

“Participant” shall mean each officer or key employee of the Company or a Subsidiary whom the Committee designates as a participant in the Plan.

 

“Plan” shall mean the Protective Life Corporation Annual Incentive Plan, as set forth herein and as may be amended from time to time.

 

“Subsidiary” shall mean (a) any corporation of which the Company possesses directly or indirectly fifty percent (50%) or more of the total combined voting power of all classes of stock of such corporation and (b) any other business organization, regardless of form, in which the Company possesses directly or indirectly fifty percent (50%) or more of the total combined equity interests in such organization.

 

3.                                      Administration.

 

The Committee shall administer and interpret the Plan. Any determination made by the Committee under the Plan shall be final and conclusive. The Committee shall establish performance objectives in accordance with Section 4 and shall certify whether such performance objectives have been achieved, subject to the Board’s approval. Notwithstanding anything else contained herein to the contrary, the Committee may delegate any and all of its duties and responsibilities (including the selection of Participants) in respect of all Participants other than the Executive Chairman, President and Chief Executive Officer and all members of the Company’s Performance and Accountability Committee to a committee of officers comprised of the President and Chief Executive Officer, and any two or more of the following individuals: the Executive Chairman; the Executive Vice President, Chief Financial Officer; the Executive Vice President and General Counsel; the Executive Vice President, Finance and Risk; and the Executive Vice President and Chief Administrative Officer. In the event that, at any time any of the aforementioned offices shall be vacant (or the title associated with such position shall be changed), the person performing the duties of such position shall be eligible to serve on such officer’s committee.

 

1

 

The Committee may employ such legal counsel, consultants and agents (including counsel or agents who are employees of the Company or a Subsidiary) as it may deem desirable for the administration of the Plan and may rely upon any opinion received from any such counsel, consultant or agent and any computation received from any such consultant or agent. All expenses incurred in the administration of the Plan, including (without limitation) expenses for the engagement of any counsel, consultant or agent, shall be paid by the Company. No member or former member of the Board or the Committee, or any other person involved in the administration of the Plan, shall be liable for any act, omission, interpretation, construction or determination made in connection with the Plan other than as a result of such individual’s willful misconduct.

 

4.                                           Incentive Payments.

 

(a)                                      Establishing the Performance Criteria. On or before April 1 of each calendar year during which the Plan is in effect, the Committee shall recommend for approval by the Board the performance objective or objectives that must be satisfied in order for Participants to be eligible to receive an incentive payment for that year.  The Committee may establish different performance objectives for different Participants to qualify.  The performance objective(s) may state, in terms of an objective formula or standard, the method for computing the amount of the incentive funding eligible for payment to the Participants if the objective(s) are achieved.  With respect to any Participant, the Committee may establish multiple performance objectives.  If the Committee establishes multiple performance objectives, the Committee shall make clear  whether (i) a specified percentage of the annual incentive opportunity will be eligible for funding based on the achievement (in whole or in part) of a specified objective, (ii) funding of any amount is contingent upon achievement (in whole or in part) of more than one such criteria, or (iii) the amount funded upon the achievement of one objective may be reduced or increased based either on the level of achievement of a different objective or at the discretion of the Committee or authorized division or business unit manager.

 

(b)                                      Available Performance Criteria. Any performance objectives established under Section 4(a) shall be related to one of the following criteria, which may be determined solely by reference to the performance of the Company or a Subsidiary or a division or business unit or based on comparative performance relative to other companies: net income; operating income; book value; embedded value or economic value added; return on equity, assets or invested capital; assets, sales or revenues or growth in assets, sales or revenues; efficiency or expense management; capital adequacy (including risk-based capital); investment returns or asset quality; completion of acquisitions, financings, or similar transactions; customer service metrics; the value of new business or sales; or such other reasonable criteria as the Committee may recommend and the Board may approve.

 

(c)                                       Amount Payable.

 

The Committee shall establish a target amount for each Participant.  Each Participant’s targeted amount may be aggregated to create a pool to be allocated in the sole discretion of the Committee.  The Committee may establish the pool in respect of any performance objective based on the extent to which such objective (or such objective and any other linked performance objective) is met or exceeded, or the extent to which such objective(s) are only partially achieved.  The Committee may provide that amounts below or in excess of the aggregate of all Participant targets for such performance objective will be funded for performance in excess of, or at stated levels below, targeted performance.  The Committee may establish a threshold level of achievement for any performance objective below which no amount shall be funded in respect of such performance objective.

 

The Committee may, in its discretion, allocate the pool among divisions or business units.  The authorized manager of each division or business unit, shall then (i) make individual

 

2

 

determinations regarding the contribution of each Participant in his or her respective division or business unit to the achievement of the overall stated performance objectives, and (ii) recommend, for approval by the Committee, the amount payable, if any, from such division or business unit allocation to each such Participant.

 

Any other provision in the Plan to the contrary notwithstanding, (i) the Committee shall have the right, in its sole discretion, to pay to any Participant an annual incentive payment for such year in an amount based on individual performance or any other criteria or the occurrence of any such event that the Committee shall deem appropriate, and (ii) the Committee may, in its sole discretion, provide for a minimum incentive payment to any or all, or any class of, Participants in respect of any calendar year, regardless of whether any applicable performance objectives are attained.

 

(d)                                      Effect of Termination of Employment. Except as provided in the following sentence, unless the Committee shall determine to authorize a payment, no amount shall be payable to a Participant as an annual incentive award unless the Participant is still an employee of the Company or one of its Subsidiaries on the date payment is made or such earlier date as the Committee may specify. Unless the Committee shall otherwise determine to pay the Participant a greater amount, if a Participant’s employment terminates due to death, disability (as determined in accordance with generally applicable Company policies) or normal or early retirement under the terms of the qualified Protective Life Corporation Pension Plan, such Participant shall receive an annual incentive payment equal to the amount the Participant would have received if the Participant had remained employed through the end of the year, multiplied by a fraction, the numerator of which is the number of days that elapsed during the year in which the termination occurs before and including the date of the Participant’s termination of employment and the denominator of which is 365.

 

5.                                           Payment.

 

Payment of any incentive payment determined under Section 4 shall be made to each Participant (subject to any valid deferral election made by the Participant) as soon as practicable after the Committee certifies that the applicable performance objectives have been achieved (or, in the case of any incentive payment payable under the final paragraph of Section 4(c), after the Committee determines the amount of any such payment or that any condition to such payment has been satisfied), but in no event later than the March 15 immediately following the calendar year during which such incentive payment was earned. The provisions of this Section 5 shall be administered so that the Plan is not a plan of deferred compensation as provided in Section 409A of the Internal Revenue Code of 1986, as amended.

 

6.                                           General Provisions.

 

(a)                                      Effectiveness of the Plan. The Plan shall be effective with respect to the calendar year beginning January 1, 2018, and shall continue in effect until otherwise amended or terminated in accordance with Section 6(b).

 

(b)                                      Amendment and Termination. Upon the recommendation of the Committee, the Board may at any time amend, suspend, discontinue or terminate the Plan; provided that no such amendment, suspension, discontinuance or termination shall adversely affect the rights of any Participant with respect to any calendar year that has already commenced.

 

(c)                                       Designation of Beneficiary. Each Participant may designate a beneficiary or beneficiaries (which beneficiary may be an entity other than a natural person) to receive any payments that may be made after the Participant’s death. Such designation may be changed or canceled at any time without the consent of any such beneficiary. Any such designation, change or cancellation must be made

 

3

 

on a form or in a manner approved by or acceptable to the Committee and shall not be effective until received by the Committee. If no beneficiary has been named, or the designated beneficiary or beneficiaries shall have predeceased the Participant, the beneficiary shall be the Participant’s spouse or, if no spouse survives the Participant, the Participant’s estate. If a Participant designates more than one beneficiary, the payment shall be made to such beneficiaries in equal shares, unless the Participant has designated otherwise.

 

(d)                                      No Right of Continued Employment. Nothing in the Plan shall be construed as conferring upon any Participant any right to continue in the employment of the Company or its Subsidiaries.

 

(e)                                       No Limitation to Corporate Action. Nothing in the Plan shall preclude the Company from authorizing the payment to the eligible employees of other compensation, including (without limitation) base salaries, awards under any other plan of the Company or its Subsidiaries, any other incentive payments or bonuses (whether or not based on the attainment of performance objectives) and retention or other special payments.

 

(g)                                       Nonalienation of Benefits. Except as expressly provided herein, no Participant or beneficiary shall have the power or right to transfer, anticipate, or otherwise encumber the Participant’s interest under the Plan. The Company’s obligations under the Plan are not assignable or transferable except to (i) a corporation which acquires all or substantially all of the Company’s assets, or (ii) any corporation into which the Company may be merged or consolidated. The provisions of the Plan shall inure to the benefit of each Participant and the Participant’s beneficiaries, heirs, executors, administrators or successors in interest.

 

(h)                                      Withholding. Any amount payable to a Participant or a beneficiary under the Plan shall be subject to any applicable federal, state and local income and employment taxes and any other amounts that the Company or a Subsidiary is required by law to deduct and withhold from such payment.

 

(i)                                          Severability. If any provision of the Plan is held unenforceable, the remainder of the Plan shall continue in full force and effect without regard to such unenforceable provision and shall be applied as though the unenforceable provision were not contained in the Plan.

 

(j)                                    Governing Law. The Plan shall be construed in accordance with and governed by the laws of the State of Delaware, without reference to the principles of conflict of laws.

 

(k)                                 Headings. Headings are inserted in the Plan for convenience of reference only and are to be ignored in the construction of the provisions of the Plan.

 

(signature page follows)

 

4

 

IN WITNESS WHEREOF, Protective Life Corporation has executed this document as of    day of                  , 2017.

 

	
 
    	
PROTECTIVE LIFE   CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Richard J. Bielen
    
	
 
    	
President and Chief   Executive Officer
    

 

[Signature Page to Protective Life Corporation Annual Incentive Plan]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00276-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00276-of-00352.parquet"}]]