Document:

EXHIBIT
4.1

 

DESCRIPTION
OF THE COMPANY’S SECURITIES

REGISTERED
PURSUANT TO SECTION 12 OF THE

SECURITIES
EXCHANGE ACT OF 1934

 

The
following description of the material terms of the common stock of Landmark Bancorp, Inc. (the “Company,” which is
also referred to herein as “we,” “our” or “us”) is only a summary. This summary does not purport
to be a complete description of the terms and conditions of the Company’s common stock in all respects and is subject to
and qualified in its entirety by reference to the Company’s Amended and Restated Certificate of Incorporation, as amended
by Certificate of Amendment (“Certificate of Incorporation”) and the Company’s Bylaws (“Bylaws”),
each of which are filed as an exhibit to the Annual Report on Form 10-K of which this Exhibit is a part, as well as the General
Corporation Law of the State of Delaware, as amended (the “DGCL”), and any other documents referenced in the
summary and from which the summary is derived.

 

Description
of Capital Stock

 

General

 

Our
Certificate of Incorporation provide that we are authorized to issue, without stockholder action, 7,500,000 shares of common stock,
par value $0.01 per share, and 200,000 shares of preferred stock, par value $0.01 per share. The preferred stock may be issued
in one or more series and with such terms and conditions, at such times and for such consideration as our board of directors may
determine.

 

Common
Stock

 

General.
Under our Certificate of Incorporation, we have the authority to issue 7,500,000 shares of our common stock, par value $0.01
per share. Our common stock is listed for trading on the Nasdaq Global Market under the symbol “LARK.” Each share
of our common stock has the same relative rights and is identical in all respects to every other share of our common stock. Our
shares of common stock are neither redeemable nor convertible, and the holders thereof have no preemptive or subscription rights
to purchase any of our securities.

 

Voting
Rights. Each outstanding share of our common stock is entitled to one vote on all matters submitted to a vote of stockholders.
There is no cumulative voting in the election of directors. The board of directors is classified into three classes, with approximately
one-third of the directors up for election each year.

 

Liquidation
Rights. Upon our liquidation, dissolution or winding up, the holders of our common stock are entitled to receive, pro
rata, our assets which are legally available for distribution, after payment of all debts, claims and other liabilities and
subject to the prior rights of any holders of preferred stock then outstanding.

 

Dividends
Payable on Shares of Common Stock. In general, the holders of outstanding shares of our common stock are entitled to receive
dividends out of assets legally available therefor at such times and in such amounts as our board of directors may from time to
time determine. The ability of our board of directors to declare and pay dividends on our common stock may be affected by both
general corporate law considerations and policies of the Board of Governors of the Federal Reserve applicable to bank holding
companies.

 

Anti-Takeover
Provisions.

 

General.
Our Certificate of Incorporation and Bylaws may have the effect of discouraging, delaying or preventing a change in control
or an unsolicited acquisition proposal that a stockholder might consider favorable, including a proposal that might result in
the payment of a premium over the market price for the shares held by stockholders. These provisions are summarized in the following
paragraphs.

 

    	 

    	 

    

 

No
Written Action of Stockholders. Any action required or permitted to be taken by the holders of capital stock of the Company
must be effected at a duly called annual or special meeting of stockholders and may not be effected by any consent in writing
by such stockholders.

 

Approval
of a Change in Control. Our Certificate of Incorporation includes a provision that makes it more difficult to complete
a merger, sale or transfer of control of our Company. Article 10, Section A requires the affirmative vote of the holders of shares
having at least two-thirds (2/3) of the voting power of all outstanding stock of the Company entitled to vote thereon, if less
than two-thirds (2/3) of the fixed number of directors vote in favor of the approval of the transaction. Additionally, Article
13 of our Certificate of Incorporation allows our board of directors to take into account non-stockholder interests when determining
whether to approve a change of control transaction, including social and economic effects of the proposed transaction on the communities
in which the Company operates.

 

Authorized
Shares of Capital Stock. Authorized but unissued shares of our common stock and preferred stock under our Certificate
of Incorporation could (within the limits imposed by applicable law and Nasdaq Marketplace Rules) be issued in one or more transactions
that could make a change of control of us more difficult, and therefore more unlikely. The additional authorized shares could
be used to discourage persons from attempting to gain control of us by diluting the voting power of shares then outstanding or
increasing the voting power of persons who would support the board of directors in a potential takeover situation, including by
preventing or delaying a proposed business combination that is opposed by the board of directors although perceived to be desirable
by some stockholders.

 

Staggered
Board; Noncumulative Voting for Directors. Our Certificate of Incorporation provides for three classes of directors, each
of which is to be elected on a staggered basis for a term of three years, which prevents a majority of our directors from being
removed at a single annual meeting. Our Certificate of Incorporation also provides for noncumulative voting for directors, which
may make it more difficult for a non-company nominee to be elected to our board of directors.

 

Amendment
of Bylaws. Our Certificate of Incorporation and Bylaws provide that our Bylaws may be amended, altered or repealed by
our board without prior notice to or approval by our stockholders. Our Bylaws may also be amended, altered or repealed by the
affirmative vote of the holders of not less than two-thirds (2/3) of the outstanding shares of our stock entitled to vote generally
in the election of directors. Accordingly, our board could take action to amend our Bylaws in a manner that could have the effect
of delaying, deferring or discouraging another party from acquiring control of us.

 

Limitations
on Right to Call Special Meetings; Stockholder Proposal Notice Requirements. Under our Certificate of Incorporation and
Bylaws, a special meeting of our stockholders may be called only by a majority of the directors then in office. Additionally,
our Certificate of Incorporation and Bylaws require that stockholder proposals meet certain advanced notice and minimum informational
requirements. These provisions could have the effect of delaying until the next annual stockholders’ meeting stockholder
actions which are favored by the holders of a majority of our outstanding voting securities.

 

Filling
of Board Vacancies; Removals. Any vacancies in our board of directors and any directorships resulting from any increase
in the number of directors may be filled by only the affirmative vote of a majority of directors then in office, although less
than a quorum, or by the sole remaining director. Any directors so chosen will hold office until the next election of the class
for which such directors have been chosen and until their successors have been elected and qualified. Furthermore, our Certificate
of Incorporation specifies that directors may only be removed by stockholders for “cause,” and that removal of a director
for cause by our stockholders requires the affirmative vote of the holders of at least a majority of the shares then entitled
to vote generally in the election of directors (considered for this purpose as one class) cast at an annual meeting of stockholders
or at a special meeting of the stockholders called expressly for that purpose. “Cause” will be deemed to exist only
if the director whose removal is proposed has been convicted of a felony by a court of competent jurisdiction or has been adjudged
by a court of competent jurisdiction to be liable for gross negligence or willful misconduct in the performance of such director’s
duty to us and such adjudication is no longer subject to direct appeal.

 

State
Anti-Takeover Laws. The Company is subject to Section 203 of the DGCL. Subject to certain exceptions, Section 203 of the
DGCL prohibits a public Delaware corporation from engaging in a business combination (as defined in such section) with an “interested
stockholder” (defined generally as any person who beneficially owns 15% or more of the outstanding voting stock of such
corporation or any person affiliated with such person) for a period of three years following the time that such stockholder became
an interested stockholder, unless: (i) prior to such time the board of directors of such corporation approved either the business
combination or the transaction that resulted in the stockholder becoming an interested stockholder; (ii) upon consummation of
the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least
85% of the voting stock of such corporation at the time the transaction commenced (excluding for purposes of determining the voting
stock of such corporation outstanding (but not the outstanding voting stock owned by the interested stockholder) those shares
owned (A) by persons who are directors and also officers of such corporation and (B) by employee stock plans in which employee
participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender
or exchange offer); or (iii) on or subsequent to such time the business combination is approved by the board of directors of such
corporation and authorized at a meeting of stockholders (and not by written consent) by the affirmative vote of at least 66 2/3%
of the outstanding voting stock of such corporation not owned by the interested stockholder.

 

The
Bank Holding Company Act of 1956. The ability of a third party to acquire our stock is also limited under applicable U.S.
banking laws, including regulatory approval requirements. The Bank Holding Company Act of 1956, as amended, requires any “bank
holding company” to obtain the approval of the Federal Reserve before acquiring, directly or indirectly, more than 5% of
our outstanding common stock. Federal law also prohibits any person or company from acquiring “control” of an FDIC-insured
depository institution or its holding company without prior notice to the appropriate federal bank regulator. “Control”
is conclusively presumed to exist upon the acquisition of 25% or more of the outstanding voting securities of a bank or bank holding
company, but may arise under certain circumstances between 10% and 24.99% ownership.EXHIBIT
10.4

 

AMENDMENT
TO EMPLOYMENT AGREEMENT

 

Amendment
dated as of December 23, 2019 (this “Amendment”)
to the Employment Agreement (the “Agreement”) made effective as of November 1, 2013 between Landmark
Bancorp, Inc., a Delaware corporation (the “Company”), Landmark
National Bank, a Kansas chartered bank with its main office located in Manhattan, Kansas, (the “Bank”)
and Dean R. Thibault (the “Executive”). Capitalized terms not defined in this Amendment shall have the meanings
ascribed to them in the Agreement.

 

Witnesseth:

 

Whereas,
Executive is currently employed as Executive Vice President/Commercial
Banking of the Bank pursuant to that certain employment agreement, dated November 1, 2013, among the Company, the Bank, and Executive
(the “Parties”);

 

Whereas,
Executive has expressed a desire to commence working a reduced
schedule during calendar year 2020 in contemplation of his expected retirement in 2021 or thereafter;

 

Whereas,
Executive acknowledges that any reduction in his Annual Base
Salary, his aggregate benefits or other compensation, or the nature, scope or status of his position, authorities or duties, in
accordance with this Amendment, is made at the request of Executive and shall not constitute Good Reason for purposes of the Agreement;

 

Whereas,
pursuant to Section 17 of the Agreement, the terms of the Agreement
may be modified by written agreement signed by the Parties; and

 

Whereas,
the Parties mutually agree to reduce Executive’s salary
and desire to amend the Agreement as hereinafter provided.

 

Now
Therefore,
in consideration of the mutual promises herein contained and other good and valuable consideration, the receipt of which hereby
is acknowledged, the parties hereto agree as follows:

 

1.
Effective January 1, 2020, Section 2 of the Agreement is hereby amended by deleting it in its entirety and replacing it with the
following:

 

“(a)
During the Employment Period, Executive shall devote at least 80% of Executive’s business time, energy, and talent to serving
as Executive Vice President/Commercial Banking of the Bank, subject to the direction of the Chief Executive Officer.

 

(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 Chief Executive Officer, 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 Chief Executive Officer, 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.”

 

2.
Effective January 1, 2020, Section 3(a) of the Agreement is hereby amended by deleting it in its entirety and replacing it with
the following:

 

“(a)
Effective January 1, 2020, Executive shall be paid a base salary at an annual rate of $151,000 (the “Annual Base Salary”),
which shall be payable in accordance with the normal payroll practices of the Company then in effect. Each year during the Employment
Period, Executive’s Annual Base Salary shall be reviewed by the Board, and following such review, may be adjusted.”

 

3.
Effective January 1, 2020, Section 21(aa) is hereby amended by adding the following sentence at the end of the last paragraph
of Section 21(aa):

 

“Further,
notwithstanding anything herein to the contrary, Effective January 1, 2020, any condition giving rise to Good Reason under clauses
(i) – (iii) above, shall not constitute Good Reason under this Agreement unless such condition results in a material adverse
change to the circumstances of Executive’s employment in effect as of January 1, 2020.”

 

4.
Except as set forth in this Amendment, each and every provision of the Agreement in effect on the date hereof shall remain in
full force and effect.

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, this Amendment has been duly executed as of the day and year first above written by the Company, the Bank,
and the Executive.

 

	 	LANDMARK BANCORP, INC.
	 	 	 
	 	By:	/s/
    Michael E. Scheopner
	 	 	 
	 	Print
    Name:	Michael
    E. Scheopner
	 	 	 
	 	Title:	President
    / Chief Executive Officer
	 	 	 
	 	LANDMARK NATIONAL BANK
	 	 	 
	 	By:	/s/
    Michael E. Scheopner
	 	 	 
	 	Print
    Name:	Michael
    E. Scheopner
	 	 	 
	 	Title:	President
    / Chief Executive Officer
	 	 	 
	 	DEAN R. THIBAULT
	 	 	 
	 	By:	/s/
    Dean R. Thibault

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