Document:

Exhibit 10.2

 

Second
aMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AND SECURITY AGREEMENT

 

This
SECOND AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AND SECURITY AGREEMENT (this “Agreement”)
is made as of this 13th day of September, 2019, by and among BIOCRYST PHARMACEUTICALS, INC., a Delaware corporation
(“BioCryst”), MDCP, LLC, a Delaware limited liability company (“Peramivir SPE”, and
together with BioCryst, collectively in the singular, “Borrower”), MIDCAP FINANCIAL TRUST, as Agent for
Lenders (in such capacity and together with its permitted successors and assigns, the “Agent”) and the other
financial institutions or other entities from time to time parties to the Credit Agreement referenced below, each as a Lender.

 

RECITALS

 

A.            
Agent, Lenders, and Borrower have entered into that certain Second Amended and Restated Credit and Security Agreement, dated as
of February 5, 2019 (as amended by that certain First Amendment to Second Amended and Restated Credit and Security Agreement, dated
as of September 10, 2019 and as further amended, restated, supplemented or otherwise modified prior to the date hereof, the “Original
Credit Agreement” and as the same is amended hereby and as it may be further amended, restated, supplemented or otherwise
modified from time to time, the “Credit Agreement”), pursuant to which the Lenders have agreed to make certain
advances of money and to extend certain financial accommodations to Borrower in the amounts and manner set forth in the Credit
Agreement.

 

 

 

B.            
Borrower has requested, and Agent and Lenders constituting at least the Required Lenders have agreed, to amend the Original Credit
Agreement to permit the financing of certain insurance premiums, upon the terms and conditions set forth herein.

 

AGREEMENT

 

NOW,
THEREFORE, in consideration of the foregoing, the terms and conditions set forth in this Agreement, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, Agent, Required Lenders, and Borrower hereby agree
as follows:

 

1.             
Recitals; Construction. This Agreement shall constitute a Financing Document
and the Recitals and each reference to the Credit Agreement, unless otherwise expressly noted, will be deemed to reference the
Credit Agreement as modified hereby. The Recitals set forth above shall be construed as part of this Agreement as if set forth
fully in the body of this Agreement. Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to
them in the Credit Agreement (including those capitalized terms used in the Recitals hereto).

 

2.             
Amendment to Credit Agreement. Subject to the terms and conditions of this
Agreement, including, without limitation, the conditions to effectiveness set forth in Section 4 below, the Original Credit
Agreement is hereby amended as follows:

 

(a)           
The definition of “Permitted Indebtedness” in Section 15 of the Original Credit Agreement is hereby amended
by (i) renumbering existing clause (i) as new clause (j) and (ii) inserting the following new clause (i) immediately prior to new
clause (j):

 

“(i) Debt not to exceed
One Million Five Hundred Thousand Dollars ($1,500,000) in the aggregate at any time outstanding owed to any Person providing property,
casualty, liability, or other insurance to the Credit Parties, including to finance insurance premiums, so long as the amount of
such Debt is not in excess of the amount of the unpaid cost of, and shall be incurred only to defer the cost of, such insurance
for the policy year in which such Debt is incurred and such Debt is outstanding only during such policy year;”

    

    

    

 

(b)          
The definition of “Permitted Liens” in Section 15 of the Original Credit
Agreement is hereby amended by (i) renumbering existing clause (n) as new clause (o) and (ii) inserting the following new clause
(n) immediately prior to new clause (o):

 

“(n) Liens granted in the
Ordinary Course of Business on the unearned portion of insurance premiums securing the financing of insurance premiums to the extent
the financing is permitted under clause (i) of the definition of Permitted Debt;”

 

3.             
Representations and Warranties; Reaffirmation of Security Interest. Borrower
hereby confirms that all of the representations and warranties set forth in the Credit Agreement are true and correct in all material
respects (without duplication of any materiality qualifier in the text of such representation or warranty) with respect to Borrower
as of the date hereof except to the extent that any such representation or warranty relates to a specific date in which case such
representation or warranty shall be true and correct in all material respects as of such earlier date. Nothing herein is intended
to impair or limit the validity, priority or extent of Agent’s security interests in and Liens on the Collateral. Borrower
acknowledges and agrees that the Credit Agreement, the other Financing Documents and this Agreement constitute the legal, valid
and binding obligation of Borrower, and are enforceable against Borrower in accordance with its terms, except as the enforceability
thereof may be limited by bankruptcy, insolvency or other similar laws relating to the enforcement of creditors’ rights generally
and by general equitable principles. 

 

4.             
Conditions to Effectiveness. This Agreement shall become effective as of
the date on which each of the following conditions has been satisfied, as determined by Agent in its sole discretion: 

 

(a)           
Agent shall have received (including by way of facsimile or other electronic transmission) a duly authorized, executed and
delivered counterpart of the signature page to this Agreement, from Borrower, Agent and the Required Lenders;

 

(b)           
all representations and warranties of Borrower contained herein shall be true and correct in all material respects (without
duplication of any materiality qualifier in the text of such representation or warranty) as of the date hereof, except to the extent
that any such representation or warranty relates to a specific date in which case such representation or warranty shall be true
and correct in all material respects as of such earlier date (without duplication of any materiality qualifier in the text of such
representation or warranty) (and such parties’ delivery of their respective signatures hereto shall be deemed to be its certification
thereof);

 

(c)           
Immediately before and immediately after giving effect to this Agreement, no Default or Event of Default shall have
occurred and be continuing or result therefrom; and

 

(d)           
Borrower shall have delivered such other documents, information, certificates, records,
permits, and filings as the Agent may reasonably request.

 

5.             
Release. In consideration of the agreements of Agent and Lenders contained
herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Borrower, voluntarily,
knowingly, unconditionally and irrevocably, with specific and express intent, for and on behalf of itself and all of its respective
parents, subsidiaries, affiliates, members, managers, predecessors, successors, and assigns, and each of their respective current
and former directors, officers, shareholders, agents, and employees, and each of their respective predecessors, successors, heirs,
and assigns (individually and collectively, the “Releasing Parties”) does
hereby fully and completely release, acquit and forever discharge each of Agent, Lenders, and each their respective parents, subsidiaries,
affiliates, members, managers, shareholders, directors, officers and employees, and each of their respective predecessors, successors,
heirs, and assigns (individually and collectively, the “Released Parties”),
of and from any and all actions, causes of action, suits, debts, disputes, damages, claims, obligations, liabilities, costs, expenses
and demands of any kind whatsoever, at law or in equity, whether matured or unmatured, liquidated or unliquidated, vested or contingent,
choate or inchoate, known or unknown that the Releasing Parties (or any of them) has against the Released Parties or any of them
(whether directly or indirectly), based in whole or in part on facts, whether or not now known, existing on or before the Second
Amendment Effective Date. Borrower acknowledges that the foregoing release is a material inducement to Agent’s and each Lender’s
decision to enter into this Agreement and agree to the modifications contemplated hereunder, and has been relied upon by Agent
and Lenders in connection therewith.

 

    2

    

    

6.             
No Waiver or Novation. The execution, delivery and effectiveness of this
Agreement shall not operate as a waiver of any right, power or remedy of Agent, nor constitute a waiver of any provision of the
Credit Agreement, the Financing Documents or any other documents, instruments and agreements executed or delivered in connection
with any of the foregoing. Nothing herein is intended or shall be construed as a deemed satisfaction or waiver of any condition
precedent to the funding of Credit Facility #2 or Credit Facility #3 or a waiver of any existing Defaults or Events of Default
under the Credit Agreement or other Financing Documents or any of Agent’s rights and remedies in respect of such Defaults
or Events of Default. This Agreement (together with any other document executed in connection herewith) is not intended to be,
nor shall it be construed as, a novation of the Credit Agreement.

 

7.             
Affirmation. Except as specifically amended pursuant to the terms hereof,
Borrower hereby acknowledges and agrees that the Credit Agreement and all other Financing Documents (and all covenants, terms,
conditions and agreements therein) shall remain in full force and effect, and are hereby ratified and confirmed in all respects
by Borrower. Borrower covenants and agrees to comply with all of the terms, covenants and conditions of the Credit Agreement and
the Financing Documents, notwithstanding any prior course of conduct, waivers, releases or other actions or inactions on Agent’s
or any Lender’s part which might otherwise constitute or be construed as a waiver of or amendment to such terms, covenants
and conditions. Borrower confirms and agrees that all security interests and Liens granted
to Agent continue in full force and effect, and all Collateral remains free and clear of any Liens, other than those granted to
Agent and Permitted Liens.

 

8.             
Miscellaneous.

 

(a)           
Reference to the Effect on the Credit Agreement.
Upon the effectiveness of this Agreement, each reference in the Credit Agreement to “this Agreement,” “hereunder,”
“hereof,” “herein,” or words of similar import shall mean and be a reference to the Credit Agreement, as
modified by this Agreement. Except as specifically set forth above, the Credit Agreement, and all other Financing Documents (and
all covenants, terms, conditions and agreements therein), shall remain in full force and effect, and are hereby ratified and confirmed
in all respects by Borrower.

 

(b)           
THIS AGREEMENT AND THE RIGHTS, REMEDIES AND OBLIGATIONS OF THE PARTIES HERETO AND HERETO, AND ANY CLAIM, CONTROVERSY
OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT, THE RELATIONSHIP OF THE PARTIES, AND/OR THE INTERPRETATION AND ENFORCEMENT
OF THE RIGHTS AND DUTIES OF THE PARTIES AND ALL OTHER MATTERS RELATING HERETO OR ARISING THEREFROM (WHETHER SOUNDING IN CONTRACT
LAW, TORT LAW OR OTHERWISE), SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF MARYLAND,
WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS. NOTWITHSTANDING THE FOREGOING, AGENT AND LENDERS SHALL HAVE THE RIGHT TO BRING
ANY ACTION OR PROCEEDING AGAINST EACH CREDIT PARTY OR ITS PROPERTY IN THE COURTS OF ANY OTHER JURISDICTION WHICH AGENT AND LENDERS
(IN ACCORDANCE WITH THE PROVISIONS OF SECTION 12.1 OF THE CREDIT AGREEMENT) DEEM NECESSARY OR APPROPRIATE TO REALIZE ON THE COLLATERAL
OR TO OTHERWISE ENFORCE AGENT’S AND LENDERS’ RIGHTS AGAINST SUCH CREDIT PARTY OR ITS PROPERTY. EACH CREDIT PARTY EXPRESSLY
SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND EACH CREDIT PARTY HEREBY
WAIVES ANY OBJECTION THAT IT MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE, OR FORUM NON CONVENIENS AND HEREBY
CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT. BORROWER HEREBY WAIVES PERSONAL
SERVICE OF THE SUMMONS, COMPLAINTS, AND OTHER PROCESS ISSUED IN SUCH ACTION OR SUIT AND AGREES THAT SERVICE OF SUCH SUMMONS, COMPLAINTS,
AND OTHER PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO THE APPLICABLE CREDIT PARTY AT THE ADDRESS SET FORTH
IN ARTICLE 11 OF THE CREDIT AGREEMENT AND THAT SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON THE EARLIER TO OCCUR OF SUCH CREDIT
PARTY’S ACTUAL RECEIPT THEREOF OR THREE (3) DAYS AFTER DEPOSIT IN THE U.S. MAIL, PROPER POSTAGE PREPAID.

 

    3

    

    

(c)           
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, BORROWER, AGENT AND LENDERS EACH WAIVE THEIR RIGHT TO A JURY TRIAL
OF ANY CLAIM OR CAUSE OF ACTION ARISING OUT OF OR BASED UPON THIS AGREEMENT OR ANY CONTEMPLATED TRANSACTION, INCLUDING CONTRACT,
TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR BOTH PARTIES TO ENTER INTO THIS AGREEMENT.
EACH PARTY HAS REVIEWED THIS WAIVER WITH ITS COUNSEL.

 

(d)           
Incorporation of Credit Agreement Provisions. The provisions contained in Section 13.2 (Indemnification)
of the Credit Agreement are incorporated herein by reference to the same extent as if reproduced herein in their entirety.

 

(e)           
Headings. Section headings in this Agreement are included for convenience of reference only and shall not
constitute a part of this Agreement for any other purpose.

 

(f)            
Counterparts. This Agreement may be signed in any number of counterparts, each of which shall be deemed an
original and all of which when taken together shall constitute one and the same instrument. Delivery of an executed counterpart
of this Agreement by facsimile or by electronic mail delivery of an electronic version (e.g., .pdf or .tif file) of an executed
signature page shall be effective as delivery of an original executed counterpart hereof and shall bind the parties hereto.

 

(g)           
Entire Agreement. This Agreement constitutes the entire agreement and understanding among the parties hereto
and supersedes any and all prior agreements and understandings, oral or written, relating to the subject matter hereof.

 

(h)           
Severability. In case any provision of or obligation under this Agreement shall be invalid, illegal or unenforceable
in any applicable jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such
provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby.

 

(i)            
Successors/Assigns. This Agreement shall bind, and the rights hereunder shall inure to, the respective successors
and assigns of the parties hereto, subject to the provisions of the Credit Agreement and the other Financing Documents.

 

[SIGNATURES APPEAR ON FOLLOWING PAGES]

 

 

 

 

 

    4

    

    

 

IN
WITNESS WHEREOF, intending to be legally bound, the undersigned have executed this Agreement as of the day and year first
hereinabove set forth.

 

 

	AGENT:	
        MIDCAP FINANCIAL TRUST, a Delaware statutory trust

         

        By:         Apollo Capital Management, L.P.,

        its investment manager

         

        By:         Apollo Capital Management GP, LLC,

        its general partner

         

         

        By: /s/ Maurice Amsellem______________ (SEAL)

        Name: Maurice Amsellem

        Title: Authorized Signatory

         

         

 

 

 

 

 

 

 

 

 

 

 

    

    

    

 

 

	LENDERS:	
        MIDCAP FINANCIAL TRUST

         

        By:         Apollo Capital Management,
        L.P.,

        its investment manager

         

        By:         Apollo Capital Management
        GP, LLC,

        its general partner

         

         

         

        By: /s/ Maurice Amsellem______________ (SEAL)

        Name: Maurice Amsellem

        Title: Authorized Signatory

         

        MIDCAP FUNDING XIII TRUST, a Delaware statutory trust

         

        By:         Apollo Capital Management, L.P.,

        its investment manager

         

        By:         Apollo Capital Management GP, LLC,

        its general partner

         

         

        By: /s/ Maurice Amsellem______________ (SEAL)

        Name: Maurice Amsellem

        Title: Authorized Signatory

         

         

        MIDCAP FUNDING XXX TRUST, a Delaware statutory trust

         

        By:         Apollo Capital Management, L.P.,

        its investment manager

         

        By:         Apollo Capital Management GP, LLC,

        its general partner

         

         

        By: /s/ Maurice Amsellem______________ (SEAL)

        Name: Maurice Amsellem

        Title: Authorized Signatory

         

         

         

         

    

    

    
	 	 
	
        LENDERS:

         

         

         
	
        ELM 2016-1 TRUST

         

        By:          MidCap Financial Services
        Capital Management, LLC, as Servicer

         

         

         

        By: /s/ John O’Dea______________
        (SEAL)

        Name: John O’Dea

        Title: Authorized Signatory

         

         

        ELM 2018-2 TRUST

         

        By:          MidCap Financial Services
        Capital Management, LLC, as Servicer

         

         

         

        By: /s/ John O’Dea______________
        (SEAL)

        Name: John O’Dea

        Title: Authorized Signatory

         

        

         

	

    

    

    

	 	 

	

LENDERS:	
        FLEXPOINT MCLS SPV LLC

         

         

        By: /s/ Daniel Edelman_______________ (SEAL)

        Name: Daniel Edelman

        Title: Vice President

         

 

 

 

 

 

 

 

 

 

    

    

    

 

	

BORROWER:	
         

        BIOCRYST PHARMACEUTICALS, INC.

         

         

        By: /s/ Alane Barnes___________________(SEAL)

Name: Alane Barnes_________________________

Title: Senior Vice President, Chief Legal Officer___

         

        MDCP, LLC

         

        By: /s/ Alane Barnes___________________(SEAL)

Name: Alane Barnes_________________________

Title: Senior Vice President, Chief Legal Officer___Exhibit
10.1

 

CHANGE
IN TERMS AGREEMENT

 

	Principal	 	Loan
    Date	 	Maturity	 	Loan
    No	 	Call/Coll	 	Account	 	Officer
    	 	Initials
	$7,500,000.00	 	11-01-2019	 	11-01-2020	 	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, 2019

 

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 $7,500,000.00, and most recently
documented in a Change in Terms Agreement dated November 1, 2018, 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, 2020.
In addition, Borrower will pay regular quarterly payments of all accrued unpaid interest due as of each payment date, beginning
February 1, 2020, 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. If at any time the Index
is less than zero, then it shall be deemed to be zero for the purpose of calculating the interest rate on this Note. Borrower
understands that Lender may make loans based on other rates as well. The Index currently is 4.750% 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 4.500% 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.

 

    	 	1	 

    	 	 	 

    

 

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.

 

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.

 

    	 	2	 

    	 	 	 

    

 

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 to discharge the same, or cause it to
be discharged, or bonded off to Lenders satisfaction, within thirty (30) days from the date of the order, decree or process under
which or pursuant to 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 to 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 to 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 to 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 State of Nebraska.

 

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

 

DISHONORED
ITEM FEE. Borrower will pay a fee to Lender of $30.00 if Borrower makes a payment on Borrower’s 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, to 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 Lender’s 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 to Lender are to be directed to Lender’s
office shown above. Borrower agrees to 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.

 

    	 	3	 

    	 	 	 

    

 

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 to 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 to an original, and Borrower hereby
waives any rights or objections to the use of such copies.

 

CHANGE
IN MEMBERSHIP. If Borrower or Guarantor is a limited liability company, any change in ownership of twenty-five percent (25%)
or more of the membership interest of Borrower of Guarantor is an Event of Default.

 

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 to 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 to realize upon or perfect Lenders security interest in the collateral; and take 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/
    Blake J Suing	 
	Blake
    J Suing, Vice President	 

 

    	 	4

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