Landmark Bancorp Inc: approves management incentive program

What happened

• Landmark Bancorp Inc reported that on Oct 21, 2026 its board approved the Landmark Bancorp, Inc. Management Incentive Program.
• The program, administered by the compensation committee, covers executive officers and other key management of the company and its wholly-owned subsidiary Landmark National Bank, including Abigail M. Wendel, president and chief executive officer, and Mark A. Herpich, chief financial officer.
• The program consists of an annual cash incentive program (AIP) and a long-term equity incentive program (LTIP).

Key details

• AIP payouts: performance at threshold, target and stretch levels earns 50%, 100% and 150% respectively of the weighted portion of a participant’s target AIP opportunity; straight-line interpolation between levels, no payout below threshold, and a maximum payout of 150% of target. The committee may adjust results for extraordinary, unusual, non-recurring or unforeseen events. Earned AIP awards are paid in cash following committee certification and in any event in the year following the performance period; participants generally must remain employed through the payment date, with prorated or full payment for death, disability or qualifying retirement.
• LTIP awards are granted under the Landmark Bancorp, Inc. 2024 Stock Incentive Plan and generally consist of 50% time-based restricted stock awards and 50% performance-contingent grants of time-based restricted stock; performance awards granted range from 0% to 150% of target based on AIP achievement and generally vest in equal annual installments over 3 years, subject to continued service.
• 2026 target opportunities: Abigail M. Wendel has a target AIP opportunity of 35% of base salary and an LTIP opportunity of 25% of base salary; Mark A. Herpich has a target AIP opportunity of 25% of base salary and an LTIP opportunity of 20% of base salary.

Why it may matter

• Item reported: Item 5.02 (departure of directors or certain officers; election of directors) with subsection (e) covering executive officer compensation — the filing reports approval of a new management incentive program that sets annual cash and equity awards and specifies target opportunities for named executive officers. This filing does not show why the insider traded or why the company acted.