<SEC-DOCUMENT>0001171843-18-006539.txt : 20180913
<SEC-HEADER>0001171843-18-006539.hdr.sgml : 20180913
<ACCEPTANCE-DATETIME>20180913172619
ACCESSION NUMBER:		0001171843-18-006539
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180910
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180913
DATE AS OF CHANGE:		20180913

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			QCR HOLDINGS INC
		CENTRAL INDEX KEY:			0000906465
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				421397595
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-22208
		FILM NUMBER:		181069582

	BUSINESS ADDRESS:	
		STREET 1:		3551 7TH STREET
		CITY:			MOLINE
		STATE:			IL
		ZIP:			61265
		BUSINESS PHONE:		3097363580

	MAIL ADDRESS:	
		STREET 1:		3551 7TH STREET
		CITY:			MOLINE
		STATE:			IL
		ZIP:			61265

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	QUAD CITY HOLDINGS INC
		DATE OF NAME CHANGE:	19930805
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f8k_091318.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>UNITED STATES</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Washington, D.C. 20549</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>FORM 8-K</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Current Report</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">Pursuant to Section 13 or 15(d) of</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">The Securities Exchange Act of 1934</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Date of Report (Date of earliest event reported)&nbsp;September
10, 2018</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 18pt; text-align: center; margin: 0pt 0"><B>QCR Holdings, Inc.</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">(Exact name of registrant as specified in its charter)</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Commission File Number:&nbsp;&nbsp;000-22208</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 50%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="width: 50%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>42-1397595</B></FONT></TD></TR>
<TR>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(State or other jurisdiction of incorporation)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(I.R.S. Employer Identification Number)</FONT></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>3551 Seventh Street</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Moline, Illinois 61265</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">(Address of principal executive offices, including zip code)</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>(309) 736-3584</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">(Registrant's telephone number, including area code)</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>N/A</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 4.5pt 0pt 0">(Former name or former address, if changed since last report)</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 4.5pt 0pt 9pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following provisions (<I>see</I> General Instruction A.2 below):</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">[ ]</FONT></TD>
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">[ ]</FONT></TD>
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">[ ]</FONT></TD>
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">[ ]</FONT></TD>
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange </FONT></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="background-color: white">Indicate by check mark whether the registrant is
an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &sect;230.405) or Rule&nbsp;12b-2&nbsp;of
the Securities Exchange Act of 1934 (17 CFR&nbsp;&sect;240.12b-2).&nbsp;Emerging growth company&nbsp; [&nbsp; ]</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="background-color: white">If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.&nbsp;[&nbsp; ]</FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 55pt; text-align: left"><B>Item 5.02</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B> Departure of Directors or Certain Officers; Election of Directors; Appointment
of Certain Officers; Compensatory Arrangements of Certain Officers.</B></TD>
</TR></TABLE>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">As previously announced, on August 31, 2018
Ronald Nagel transitioned from his position as Chief Executive Officer of Community State Bank, a wholly owned bank subsidiary
of QCR Holdings, Inc. (the &ldquo;Company&rdquo;), to an advisory role serving Community State Bank and its clients. In connection
with this transition, on September 10, 2018, the Company and Mr.&nbsp;Nagel entered into an amendment to that certain Employment
Agreement, dated May 23, 2016, between the Company and Mr. Nagel (the &ldquo;Amendment&rdquo;).</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.5in">Pursuant to the Amendment, Mr. Nagel&rsquo;s
2019 base salary was adjusted to reflect his advisory role going forward, as well as he will be eligible to elect to defer up to
50% of his compensation during the 2019 calendar year. In addition, Mr. Nagel will receive a guaranteed bonus in early 2019 and
other perquisites.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.5in">The foregoing description of the Amendment does
not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment filed as Exhibit 10.1
to this Current Report on Form 8-K, which is incorporated herein by reference.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<TD STYLE="width: 55pt; text-align: left"><B>Item 9.01.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B> Financial Statements and Exhibits.</B></TD>
</TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">                                                                                                                                                                                                                                                                                                                                                   <TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">(d)</TD><TD STYLE="white-space: nowrap">Exhibits.</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><A HREF="exh_101.htm">10.1</A></TD><TD STYLE="text-align: justify"><A HREF="exh_101.htm">First Amendment of Employment Agreement between QCR Holdings, Inc. and Ronald Nagel, dated September
10, 2018.</A></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>SIGNATURES</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>QCR HOLDINGS, INC.</B></FONT></TD></TR>
<TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD><FONT STYLE="font-size: 10pt">Dated:&nbsp;&nbsp;September 13, 2018</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">By:&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Douglas M. Hultquist</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">Douglas M. Hultquist</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">President and Chief Executive Officer</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>



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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>exh_101.htm
<DESCRIPTION>EXHIBIT 10.1
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>First Amendment of<BR>
Employment Agreement Between<BR>
<U>QCR Holdings, Inc. and Ronald Nagel</U></B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">This <B>First Amendment of Employment Agreement
Between QCR Holdings, Inc. and Ronald Nagel</B> (the &ldquo;<B>First Amendment</B>&rdquo;) is made and entered into as of September
10, 2018 (the &ldquo;<B>Effective Date</B>&rdquo;), by and between QCR Holdings, Inc. (the &ldquo;<B>Company</B>&rdquo;) and Ronald
Nagel (the&nbsp;&ldquo;<B>Employee</B>,&rdquo; and together with the Company, the &ldquo;<B>Parties</B>&rdquo;).</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>Recitals</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><B>A.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Parties have made and entered into that certain Employment Agreement Between QCR Holdings, Inc. and Ronald Nagel dated May 23,
2016 (the &ldquo;<B>Employment Agreement</B>&rdquo;).</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><B>B.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to Section 19 of the Employment Agreement, the Employment Agreement may be amended by written agreement signed by the Parties.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><B>C.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company desires to continue to employ the Employee, and the Employee desires to continue in employment with the Company, pursuant
to the terms of the Employment Agreement as amended by this First Amendment.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>Agreement</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">In consideration of the foregoing and the mutual
promises and covenants of the Parties set forth in this First Amendment, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, hereby expressly agree as follows:</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><B>1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
existing last sentence of Section 2 of the Employment Agreement shall be deleted and replaced with the following new sentence:</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 1in">&ldquo;That portion of the Employment Period extending from the
Effective Date through December 31, 2018 shall be referred to as the &lsquo;<B>Initial Term</B>&rsquo; and that portion of the
Employment Period extending from January&nbsp;1, 2019 through December 31, 2021 shall be referred to as the &lsquo;<B>Transition
Period</B>&rsquo;.&rdquo;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>The
existing first sentence of Section 3(a) of the Employment Agreement shall be deleted and replaced with the following two new sentences:</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 1in">&ldquo;The Employee agrees that during the period from the Effective
Date through August 31, 2018 (the &lsquo;<B>Transition Date</B>&rsquo;), the Employee will devote his full business time, energies
and talents to serving as the President and Chief Executive Officer of the Bank, at the direction of the Chief Executive Officer
(&lsquo;<B>CRBT CEO</B>&rsquo;) of Cedar Rapids Bank &amp; Trust. Following the Transition Date, the Employee shall no longer serve
as the President and Chief Executive Officer of the Bank and the Employee shall have such title as may be reasonably agreed between
the CRBT CEO and the Employee.&rdquo;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 1in"></P>

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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>The
existing Section 4(a) of the Employment Agreement shall be deleted and replaced with the following new Section 4(a):</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 1in">&ldquo;<B><U>Annual Base Salary</U>.</B> During the Initial Term,
the Employee shall be compensated at an annual rate (the &lsquo;<B>Annual Base Salary</B>&rsquo;) of (i) with respect to the period
from the Effective Date through December 31, 2016, $320,000, and (ii) with respect to calendar years 2017 and 2018, $275,000, which
shall be payable in accordance with the normal payroll practices of the Company.&rdquo;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>The
existing clause &ldquo;with respect to the fiscal years ending December 31, 2017, 2018 and 2019&rdquo; appearing in the third paragraph
of Section 4(d) of the Employment Agreement shall be deleted and replaced with the following new clause:</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 1in">&ldquo;with respect to the fiscal years ending December 31, 2017
and 2018&rdquo;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>The
existing Section 4(f) of the Employment Agreement shall be deleted and replaced with the following new Section 4(f):</P>

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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 1in">&ldquo;During the Employment Period, (i) with respect to the period
from the Effective Date through December 31, 2018, the Employee shall be eligible for participation under a deferred compensation
agreement pursuant to which the Employee will be permitted to annually contribute and defer up to fifteen percent (15%) of his
annual compensation and the Company shall make a matching contribution equal to the contribution made by the Employee up to a maximum
contribution of fifteen thousand dollars ($15,000) and (ii) with respect to the calendar year beginning on January 1, 2019, the
Employee shall be eligible for participation under a deferred compensation agreement pursuant to which the Employee will be permitted
to annually contribute and defer up to fifty percent (50%) of his annual compensation and the Company shall make a matching contribution
equal to the contribution made by the Employee up to a maximum contribution of fifteen thousand dollars ($15,000).&rdquo;</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><B>6.</B> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
existing Section 4(h) of the Employment Agreement shall be amended by adding the following two new sentences at the end thereof:</P>

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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 1in">&ldquo;On or about January 1, 2019, the Company shall transfer
to the Employee the ownership of, and title to, the Chevrolet Tahoe purchased by the Company or an Affiliate thereof on or about
December 19, 2016. The value of such Chevrolet Tahoe, as reasonably determined by the Company in its sole discretion, shall be
included in the Employee&rsquo;s taxable income as of the date of such transfer. In connection with such transfer, the Company
shall pay to the Employee an amount equal to any income tax liability associated therewith.&rdquo;</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><B>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>Immediately
following the existing Section 4(j) of the Employment Agreement, the following new Section 4(k) shall be added to the Employment
Agreement as a part thereof:</P>

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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 1in">&ldquo;<B>(k) <U>Guaranteed Bonus</U>.</B> At the same time during
2019 as other 2018 incentive bonuses are generally paid to employees of the Company and its Affiliates, but in no event later than
March 31, 2019, the Company shall pay to the Employee a one-time bonus in the amount of $180,000. Such one-time bonus shall be
in addition to any bonus otherwise payable to the Employee pursuant to <B>Section 4(d)</B> of this Agreement with respect to the
calendar year ending December 31, 2018.&rdquo;</P>

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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 1in"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><B>8.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
all other respects the Employment Agreement shall remain in full force and effect.</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><B>9.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Employee acknowledges and agrees that nothing contained in this First Amendment shall be deemed to give rise to &ldquo;Good Reason&rdquo;
for purposes of the Employment Agreement.</P>

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<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><I>[Signature page follows]</I></P>

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<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><B>In witness whereof</B>, as of the Effective
Date, the Company has caused this First Amendment to be executed by its duly authorized representative and the Employee has signed
this First Amendment.</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2"><FONT STYLE="font-variant: small-caps"><B>QCR Holdings, Inc.</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-variant: small-caps"><B>Employee</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 3%"><FONT STYLE="font-variant: small-caps"><B>By:&nbsp; </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 30%"><B>/s/ Douglas M. Hultquist</B></TD>
    <TD STYLE="width: 34%"><B>&nbsp;</B></TD>
    <TD STYLE="width: 33%; text-indent: 0pt; border-bottom: Black 1pt solid"><B>/s/ Ronald Nagel</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <td>&nbsp;</td>
    <td><b>Douglas M. Hultquist</b></td>
    <TD>&nbsp;</TD>
    <TD><B>Ronald Nagel</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <td>&nbsp;</td>
    <td><b>Chief Executive Officer</b></td>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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