Document:

Exhibit 10.7

 

Form
of Incentive Stock Option Agreement

 

On__________, an incentive
stock option for _____shares of common stock, without par value, of NorthWest Indiana Bancorp, an Indiana corporation (the “Corporation”),
at an option price per share of $______, was granted to ________ (the “Optionee”) by the Corporation. A copy of the
option agreement (the “Agreement”) relating to that option grant is attached as Exhibit A to this Amendment. The Corporation
and the Optionee have agreed to modify and amend the Agreement in the following respects:

 

1.           Section
7 shall be amended to read in its entirety as follows:

 

Section 7.
Termination. If the Participant ceases to maintain Continuous Service for cause, or voluntarily for any reason other than death,
Disability or Retirement, all rights under the Option shall terminate immediately upon cessation of Continuous Service. If the
Participant ceases to maintain Continuous Service by reason of death, then the Participant may exercise the Option, but only to
the extent the Participant was entitled to exercise the Option at the date of such cessation, at any time during the remaining
term of the Option. If the Participant ceases to maintain Continuous Service as the result of Disability the Participant may exercise
the Option to the extent that the Participant was entitled to exercise the Option at the date of such cessation for a period of
one year or until expiration of the term of the Option, whichever is earlier. If the Participant ceases to maintain Continuous
Service as the result of retirement or for any reason other than those set forth above, Participant may exercise the Option to
the extent that the Participant was entitled to exercise the Option at the date of such cessation for a period of three months
immediately succeeding such cessation of Continuous Service, and in no event after the expiration date of the Option.

 

2.          Effectiveness.
This Amendment shall be deemed effective as of the date set forth below. Except as amended hereby, the Agreement shall remain in
full force and effect and shall be otherwise unaffected hereby.

 

3.          Governing
Law. This Amendment shall be deemed to be a contract made under the laws of the State of Indiana and for all purposes shall be
governed by and construed in accordance with the laws of such state applicable to contracts to be made and performed entirely within
such state.

 

4.          Counterparts.
This Amendment may be executed in any number of counterparts, each of such counterparts shall for all purposes be deemed to be
an original, and all such counterparts shall together constitute but one and the same instrument.

 

[signature page follows]

 

    	1

    	 

    

 

IN WITNESS WHEREOF, the
parties hereto have caused this Amendment to be duly executed as of the ____ day of ______________, 2012.

 

 

	 	NorthWest Indiana Bancorp
	 	 
	 	By:	 
	 	 	Corporate Secretary
	 	 
	 	“Corporation”
	 	 
	 	 
	 	“Optionee”

 

    	2Exhibit 10.8

 

Form
of Non-Qualified Stock Option Agreement

 

This Nonqualified Stock
Option Agreement ("Agreement") has been entered into as of the ___ day of ____________, 20__, between NorthWest Indiana
Bancorp, an Indiana corporation (the "Company"), and __________________, an [employee/director] of the Company or one
of its affiliates ("Participant"), pursuant to the Company's Amended and Restated 2004 Stock Option and Incentive Plan
(the "Plan"). Capitalized terms used herein and not defined herein have the meanings set forth in the Plan.

 

WHEREAS, the committee
of the Board of Directors of the Company appointed to administer the Plan (the "Committee") has determined to grant to
Participant an option to purchase shares of the Company's Common Stock pursuant to the terms and conditions as provided in the
Plan and this Agreement; and

 

WHEREAS, the Company and
Participant desire to set forth the terms and conditions of the option;

 

NOW, THEREFORE, in consideration
of the mutual covenants and agreements contained in this Agreement, the Company and the Participant agree as follows:

 

Section 1. Grant of Option
and Exercise Price. Subject to the terms and conditions stated in the Plan and this Agreement as of __________ __, ____ (the "Date
of Grant"), the Committee has granted to Participant an option (the "Option") to purchase ______ shares of the Company's
Common Stock (the "Shares") at an exercise price per Share equal to $_______ (the "Exercise Price").

 

Section 2. Nonqualified
Stock Option. The Option is not intended to qualify as an incentive stock option under Section 422 of the Internal Revenue Code
of 1986, as amended.

 

Section 3. Exercise of
Option. The Option shall become exercisable as follows or on such earlier date as provided in the Plan: ____________________________________________.

 

Section 4. Term of Option.
Unless sooner terminated as provided in the Plan, the Option shall expire ten years from the Date of Grant.

 

Section 5. Method of Exercise.
The Participant may exercise the Option in the manner stated in the Plan.

 

Section 6. Termination.
If the Participant ceases to maintain Continuous Service for cause, or voluntarily for any reason other than death, Disability
or Retirement, all rights under the Option shall terminate immediately upon cessation of Continuous Service. If the Participant
ceases to maintain Continuous Service by reason of death, Disability or Retirement, then the Participant may exercise the Option,
but only to the extent the Participant was entitled to exercise the Option at the date of such cessation, at any time during the
remaining term of the Option. If the Participant ceases to maintain Continuous Service for any reason other than those set forth
above, Participant may exercise the Option to the extent that the Participant was entitled to exercise the Option at the date of
such cessation for a period of three months immediately succeeding such cessation of Continuous Service, and in no event after
the expiration date of the Option.

 

    	1

    	 

    

 

Section 7. Plan Controlling.
The Option and the terms and conditions set forth in this Agreement are subject in all respects to the terms and conditions of
the Plan, which are controlling. All determinations and interpretations of the Committee shall be binding and conclusive upon the
Participant and his or her legal representatives.

 

Section 8. Qualification
of Rights. Neither this Agreement nor the existence of the Option shall be construed as giving the Participant any right (a) to
be retained as a director or employee of the Company or any of its affiliates; or (b) as a shareholder with respect to the Shares
until the certificates for the Shares have been issued and delivered to the Participant.

 

Section 9. Governing Law.
This Agreement shall be governed by and construed in accordance with the laws of the State of Indiana.

 

Section 10. Notices. All
notices and other communications required or permitted under this Agreement shall be written and shall be delivered personally
or sent by registered or certified first-class mail, postage prepaid and return receipt required, addressed as follows: if to the
Company, to the Company's executive offices in Munster, Indiana, and if to the Participant or his or her successor, to the address
last furnished by the Participant to the Company. Each notice and communication shall be deemed to have been given when received
by the Company or the Participant.

 

Section 11. Transferability.
The Participant shall not sell, assign, transfer, pledge or otherwise encumber the Option, except in the event of death of Participant,
by will or laws of descent and distribution.

 

Section 12. Representations
and Warranties of Participant. The Participant represents and warrants to the Company that he or she has received and reviewed
a copy of the Plan.

 

Section 13. Withholding.
In connection with the delivery of shares of Common Stock as a result of the exercise of the Option, the Company shall have the
right to require the Participant to pay an amount in cash sufficient to cover any tax, including any Federal, state or local income
tax, required by any governmental entity to be withheld or otherwise deducted and paid with respect to such delivery ("Withholding
Tax"), and to make payment to the appropriate taxing authority of the amount of such Withholding Tax.

 

Section 14. No Waiver.
The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a
waiver thereof or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of
this Agreement.

 

    	2

    	 

    

 

IN WITNESS WHEREOF, the
Company and Participant have executed this Agreement as of the date first written above.

 

	 	NORTHWEST INDIANA BANCORP
	 	 
	 	By:	 
	 	 	Name
	 	 	 
	 	 	Title
	 	 
	 	 
	 	[Signature of Participant]

 

    	3Exhibit 10.9

 

Form
of Agreement for Restricted Stock

 

This Agreement has been entered
into as of the _____ day of ______, 2012 between NorthWest Indiana Bancorp, an Indiana corporation (the "Company"), and
_________ [employee] of the Company or one of its affiliates (the "Participant"), pursuant to the Company's Amended and
Restated 2004 Stock Option and Incentive Plan (the "Plan") and evidences and sets forth certain terms of the grant to
the Participant pursuant to the Plan of an aggregate of _____ shares of Restricted Stock as of the date of this Agreement. Capitalized
terms used herein and not defined herein have the meanings set forth in the Plan.

 

Section 1. Receipt of Plan;
Restricted Stock and this Agreement Subject to Plan. The Participant acknowledges receipt of a copy of the Plan. This Agreement
and the shares of Restricted Stock granted to Participant are subject to the terms and conditions of the Plan, all of which are
incorporated herein by reference.

 

Section 2. Restricted Period;
Lapse of Restrictions and Vesting. Subject to Section 5 of this Agreement and the provisions of the Plan, the restrictions on the
shares of Restricted Stock granted to the Participant shall lapse and such shares shall become fully vested and not subject to
forfeiture to the Company as follows: Five (5) Years from date of issuance at $____.

 

Section 3. Certificates
for Shares. Each certificate representing the shares of Restricted Stock granted to the Participant shall be registered in the
name of the Participant and deposited by the Participant, together with a stock power endorsed in blank, with the Company and shall
bear the following (or a similar) legend:

 

"The transferability of this
certificate and the shares of stock represented hereby are subject to the terms and conditions (including forfeiture) contained
in the Amended and Restated 2004 Stock Option and Incentive Plan of NorthWest Indiana Bancorp and an Agreement for Restricted Stock
entered into between the registered owner and NorthWest Indiana Bancorp. Copies of such Plan and Agreement are on file in the office
of the Secretary of NorthWest Indiana Bancorp."

 

Upon the lapse of restrictions
on such shares of Restricted Stock, the Company shall promptly deliver a stock certificate, free of such legend, for such shares
to the Participant.

 

Section 4. Transferability.
Until such time as the restrictions on the shares of Restricted Stock granted to Participant have lapsed and such shares are no
longer subject to forfeiture to the Company, the Participant shall not sell, assign, transfer, pledge or otherwise encumber such
shares of Restricted Stock.

 

    	1

    	 

    

 

Section 5. Termination.
If the Participant ceases to maintain Continuous Service for any reason (other than death, Disability or Retirement), all shares
of Restricted Stock granted to the Participant which at the time of such termination of Continuous Service are still subject to
restrictions shall upon such termination of Continuous Service be forfeited and returned to the Company. If the Participant ceases
to maintain Continuous Service by reason of death or Disability, then the restrictions with respect to the Ratable Portion of the
shares of Restricted Stock granted to the Participant shall lapse and such shares shall be free of restrictions and shall not be
forfeited. If the Participant ceases to maintain Continuous Service by reason of Retirement, then the Committee shall, in its sole
discretion, determine the effect of such termination on the shares of Restricted Stock granted to the Participant. If the Continuous
Service of the Participant is involuntarily terminated, for whatever reason, at any time within 18 months after a Change in Control,
any Restricted Period with respect to the shares of Restricted Stock granted to the Participant shall lapse upon such termination
and all shares of Restricted Stock granted to the Participant shall become fully vested in the Participant.

 

Section 6. Dividends. In
the event any dividends or other distributions, whether in cash, property or stock of another company, are paid on any of the shares
of Restricted Stock granted to the Participant, such dividends or other distributions shall be delivered to the Participant at
that time. Stock dividends and shares issued as a result of any stock-split, if any, issued with respect to the Restricted Shares
shall be treated as additional Restricted Shares and shall be subject to the same restrictions and other terms and conditions that
apply with respect to, and shall vest or be forfeited at the same time as, the Restricted Shares with respect to which such stock
dividends or shares are issued.

 

Section 7. 83(b) Election.
The Participant agrees not to make any election under Section 83(b) of the Code with respect to any shares of Restricted Stock
granted under this Agreement.

 

Section 8. No Employment
Rights. None of this Agreement, the Plan or the award of shares of Restricted Stock hereunder shall be construed as giving the
Participant any right to be retained as an employee or director of the Company or any Affiliate.

 

Section 9. Withholding. In
connection with the delivery of shares of Common Stock as a result of the vesting of Restricted Stock, the Company shall have the
right to require the Participant to pay an amount in cash sufficient to cover any tax, including any Federal, state or local income
tax, required by any governmental entity to be withheld or otherwise deducted and paid with respect to such delivery ("Withholding
Tax"), and to make payment to the appropriate taxing authority of the amount of such Withholding Tax.

 

Section 10. Plan Controlling.
The terms and conditions set forth in this Agreement are subject in all respects to the terms and conditions of the Plan, which
are controlling. All determinations and interpretations of the Committee shall be binding and conclusive upon Participant and his
or her legal representatives.

 

Section 11. Governing Law.
This Agreement shall be governed by and construed in accordance with the laws of the State of Indiana.

 

Section 12. Notices. All
notices and other communications required or permitted under this Agreement shall be written and shall be delivered personally
or sent by registered or certified first-class mail, postage prepaid and return receipt required, addressed as follows: if to the
Company, to the Company's executive offices in Munster, Indiana, and if to Participant or his or her successor, to the address
last furnished by Participant to the Company. Each notice and communication shall be deemed to have been given when received by
the Company or Participant.

 

    	2

    	 

    

 

Section 13. No Waiver. The
failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver
thereof or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement.

 

IN WITNESS WHEREOF, this
Agreement has been executed by the undersigned thereunto duly authorized as of the date first above written.

 

	 	 	NORTHWEST INDIANA BANCORP
	 	 	 
	 	 	By:	 
	 	 	 	Name:	David A. Bochnowski
	 	 	 	Title:	Chairman and CEO

 

    	3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00199-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00199-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00199-of-00352.parquet"}]]