<SEC-DOCUMENT>0001171843-24-002483.txt : 20240502
<SEC-HEADER>0001171843-24-002483.hdr.sgml : 20240502
<ACCEPTANCE-DATETIME>20240502153557
ACCESSION NUMBER:		0001171843-24-002483
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240502
DATE AS OF CHANGE:		20240502

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			QCR HOLDINGS INC
		CENTRAL INDEX KEY:			0000906465
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		ORGANIZATION NAME:           	02 Finance
		IRS NUMBER:				421397595
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-22208
		FILM NUMBER:		24907774

	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>DEFA14A
<SEQUENCE>1
<FILENAME>defa14a_043024.htm
<DESCRIPTION>DEFA14A
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<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
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 0pt 8pt; background-color: white">__________________________________________</P>

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

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0 0pt 8pt; background-color: white"><B>SCHEDULE 14A</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0 0pt 8pt; background-color: white">Proxy Statement Pursuant to Section 14(a)
of the</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0 0pt 8pt; background-color: white">Securities Exchange Act of 1934</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0 0pt 8pt; background-color: white">(Amendment No.&nbsp;&nbsp;&nbsp;&nbsp;)</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0 0pt 8pt; background-color: white">__________________________________________</P>

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    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">Filed by the Registrant&nbsp;&#9746;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">Filed by a Party other than the Registrant&nbsp;&#9744;</FONT></TD></TR>
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  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Check the appropriate box:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 4%">&#9744;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 95%"><FONT STYLE="font-size: 10pt">Preliminary Proxy Statement</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&#9744;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>Confidential, for Use of the Commission Only (as permitted by Rule&nbsp;14a-6(e)(2))</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&#9744;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Definitive Proxy Statement</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&#9746;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Definitive Additional Materials</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&#9744;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Soliciting Material under &sect;240.14a-12</FONT></TD></TR>
  </TABLE>

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    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><B>QCR HOLDINGS,&nbsp;INC.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>

    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">(Name of Registrant as Specified In Its Charter)</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD></TR>
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    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>

    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</P></TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
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    <TD COLSPAN="3" STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><BR>
Payment of Filing Fee (Check all boxes that apply):</FONT></TD></TR>
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    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; width: 4%">&#9746;</TD>
    <TD STYLE="vertical-align: top; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left; width: 95%"><FONT STYLE="font-size: 10pt">
No fee required</FONT></TD></TR>
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    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><BR>
</FONT>&#9744;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><BR>
Fee paid previously with preliminary materials</FONT></TD></TR>
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    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&#9744;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11</FONT></TD></TR>
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<P STYLE="margin: 0">&nbsp;</P>

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

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

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>SUPPLEMENT TO PROXY STATEMENT DATED APRIL 4, 2024</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>FOR THE ANNUAL MEETING OF STOCKHOLDERS</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>TO BE HELD ON MAY 16, 2024</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>Explanatory Note</B></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"><FONT STYLE="font-size: 10pt">QCR Holdings, Inc. (the
&ldquo;<B>Company</B>&rdquo;) previously filed with the Securities and Exchange Commission a Notice of Annual Meeting of Stockholders
and Definitive Proxy Statement (the &ldquo;<B>Proxy Statement</B>&rdquo;) for the 2024 Annual Meeting of Stockholders (the &ldquo;<B>Annual
Meeting</B>&rdquo;) to be held virtually on Thursday, May 16, 2024, at 8:00&nbsp;a.m. Central Time (www.virtualshareholdermeeting.com/QCRH2024).
As described in Proposal 4 included in the Proxy Statement (the &ldquo;<B>Original Proposal 4</B>&rdquo;), the Company&rsquo;s Board of
Directors have approved, subject to stockholder approval, the QCR Holdings,&nbsp;Inc. 2024 Equity Incentive Plan (the &ldquo;<B>2024 Equity
Incentive Plan</B>&rdquo;), and the Company is seeking stockholder approval of the 2024 Equity Incentive Plan at the Annual Meeting. The
Original Proposal 4 includes a detailed summary of the 2024 Equity Incentive Plan, including all of its material terms; however, the language
in the Original Proposal 4 inadvertently included typographical errors with respect to the limits applicable to certain awards under the
2024 Equity Incentive Plan as well as the date on which the Board of Directors approved the 2024 Equity Incentive Plan. Accordingly, the
Company is filing this supplement to the Proxy Statement to include a complete corrected version of Proposal 4, which is set forth below
(the &ldquo;<B>Revised Proposal 4</B>&rdquo;). The Revised Proposal 4 amends and replaces the Original Proposal 4 in its entirety and
should be read together with the balance of the text of the Proxy Statement. The description of the 2024 Stock Incentive Plan set forth
in the Revised Proposal 4 is qualified in its entirety by reference to the full text of the 2024 Stock Incentive Plan attached as <U>Appendix</U></FONT><U>&nbsp;<FONT STYLE="font-size: 10pt">A</FONT></U><FONT STYLE="font-size: 10pt">
to the Proxy Statement, which is incorporated by reference into the Revised Proposal 4.</FONT></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">Except as specifically set forth herein, this supplement
does not otherwise modify or update any other disclosures presented in the Proxy Statement. In addition, this supplement does not reflect
events occurring after the date of the Proxy Statement or modify or update disclosures that may have been affected by subsequent events.</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">The revisions to Proposal 4 will have no effect on
the validity of any proxies the Company has received prior to its upcoming Annual Meeting nor on the votes taken at such meeting. If you
have already submitted a proxy to vote your shares, you do not need to resubmit your proxy unless you wish to change your vote. If you
have not yet voted your shares, please do so as soon as possible. You may vote by following the instructions for voting as described in
the Company&rsquo;s Proxy Statement filed with the Securities and Exchange Commission.</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"><B></B></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>PROPOSAL 4:<BR>
APPROVAL OF THE 2024 EQUITY INCENTIVE PLAN</B></P>

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

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0">On February 21, 2024, the Board of Directors approved
the QCR Holdings, Inc. 2024&nbsp;Equity Incentive Plan for QCR Holdings and our subsidiaries, subject to stockholder approval.&nbsp; A
summary of the material provisions of the 2024 Equity Incentive Plan is set forth below.&nbsp; A copy of the 2024 Equity Incentive Plan
is attached to the Proxy Statement as <U>Appendix&nbsp;A</U>.</P>

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

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

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

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0">The 2024 Equity Incentive Plan was established by the
Board of Directors to promote the long-term financial success of QCR Holdings, attract, retain and reward persons who can and do contribute
to such success, and further align the participants&rsquo; interests with those of our stockholders. The 2024 Equity Incentive Plan will
be administered by the Compensation Committee of our Board of Directors, which will select award recipients from the eligible participants,
determine the types of awards to be granted, and determine the applicable terms, conditions, performance criteria, restrictions and other
provisions of such awards, including any vesting or accelerated vesting requirements or conditions applicable to an award or awards.</P>

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

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0">We are submitting the 2024 Equity Incentive Plan to our
stockholders at this time to replace our current equity compensation plan, the 2016 Equity Incentive Plan and comply with NASDAQ listing
requirements, which require stockholder approval.</P>

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

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0">If the 2024 Equity Incentive Plan is not approved by our
stockholders, it will not be adopted and we will continue to operate under our existing equity compensation plans until their expiration.
In the event those plans expire, we believe that higher cash compensation may be required to attract and retain key employees and other
individuals.&nbsp; The 2024 Equity Incentive Plan submitted for approval reflects current practices in equity incentive plans that we
consider best practices such as:</P>

<P STYLE="font-size: 10pt; text-align: left; 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="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left"><I>Multiple Award Types</I>. The 2024 Equity Incentive Plan permits the issuance of restricted stock units,
options, restricted stock and other types of equity grants, subject to the share limits of the plan. This breadth of award types will
enable the plan administrator to tailor awards in light of the accounting, tax and other standards applicable at the time of grant. Historically,
these standards have changed over time.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&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="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left"><I>No Evergreen Feature</I>. The number of authorized shares under the 2024 Equity Incentive Plan is fixed
at 600,000. As of the effective date of the 2024 Equity Incentive Plan, no new grants will be made under our 2016 Equity Incentive Plan.
The 2024 Equity Incentive Plan does not include an &ldquo;evergreen&rdquo; feature that would cause the number of authorized shares to
automatically increase in future years.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&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="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left"><I>Repricings Prohibited</I>. Repricing of options and stock appreciation rights (&ldquo;SARs&rdquo;) generally
is prohibited without prior stockholder approval, with customary exceptions for stock dividends or splits, reorganizations, recapitalizations
and similar events.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&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="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left"><I>Discount Stock Options and SARs Prohibited</I>. All options and SARs must have an exercise price equal
to or greater than the fair market value of our common stock on the date the option or SAR is granted, with a customary exception for
replacement awards granted in connection with the acquisition of another entity.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&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="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left"><I>Conservative Change in Control Provisions</I>. The 2024 Equity Incentive Plan does not include a special
change in control price payable to award holders. The change in control provisions under the 2024 Equity Incentive Plan provide for acceleration
of vesting in the event of a change in control only if the 2024 Equity Incentive Plan does not become an obligation of the successor entity
or the participant incurs a termination of service without cause or for good reason following the change in control.</TD></TR></TABLE>

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

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"></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="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left"><I>Clawback Policy Implementation</I>. All awards under the 2024 Equity Incentive Plan will be subject to
any applicable clawback policy in effect from time to time, including, but not limited to, the clawback policy that QCR Holdings, Inc.
adopted on August 16, 2023.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&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="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left"><I>Independent Oversight</I>. The 2024 Equity Incentive Plan will be administered by a committee of independent
directors.</TD></TR></TABLE>

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

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

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

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0">The 2024 Equity Incentive Plan incorporates a broad variety
of equity-based incentive compensation elements to provide the Compensation Committee with significant flexibility to address the requirements
and limitations of applicable legal, regulatory and financial accounting standards in a manner mutually consistent with the purposes of
the 2024 Equity Incentive Plan and the best interests of QCR Holdings.</P>

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

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0">The maximum number of shares of QCR Holdings&rsquo; common
stock that may be delivered to participants, or their beneficiaries, under the 2024 Equity Incentive Plan is 600,000, with adjustments
for certain corporate transactions and for forfeited shares. As of the date of stockholder approval of the 2024 Equity Incentive Plan,
no additional awards will be granted under the 2016 Equity Incentive Plan. To the extent that any shares covered by an award under the
2024 Equity Incentive Plan are forfeited or are not delivered for any reason, including because the award is forfeited, cancelled or settled
in cash, the shares will not be deemed to have been delivered for purposes of determining the maximum number of shares available for delivery
under the 2024 Equity Incentive Plan. For SARs that are settled in stock, only the actual shares delivered will be counted for purposes
of these limitations. Tandem awards will not be double-counted for purposes of these limitations. If any option granted under the 2024
Equity Incentive Plan is exercised by tendering shares, the full number of shares covered by such award will be counted for purposes of
these limitations. If the withholding tax liabilities arising from an award under the 2024 Equity Incentive Plan are satisfied by the
tendering of shares of QCR Holdings common stock to QCR Holdings or by the withholding of shares by QCR Holdings, such shares will be
deemed to have been delivered for purposes of determining the maximum number of shares available for delivery under the 2024 Equity Incentive
Plan.</P>

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

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0">The 2024 Equity Incentive Plan&rsquo;s effective date
would be the date of its approval by QCR Holdings&rsquo; stockholders. If approved, the 2024 Equity Incentive Plan will continue in effect
until terminated by the Board of Directors. However, no awards may be granted under the 2024 Equity Incentive Plan after the 10-year anniversary
of its effective date. Any awards that are outstanding after the 10th anniversary of the effective date will remain subject to the terms
of the 2024 Equity Incentive Plan.</P>

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

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0">The following additional limits apply to awards under
the 2024 Equity Incentive Plan:</P>

<P STYLE="font-size: 10pt; text-align: left; 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="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">The maximum number of shares that may be covered by options or stock appreciation rights that are granted
to any one director during any calendar year is 30,000 shares; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&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="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">The maximum number of shares that may be covered by stock awards that are granted to any one director during
any calendar year is 5,000 shares.</TD></TR></TABLE>

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

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0">The Compensation Committee may use shares available under
the 2024 Equity Incentive Plan as the form of payment for grants or rights earned or due under any compensation plans or arrangements
of QCR Holdings or a subsidiary, including the plans and arrangements of QCR Holdings or a subsidiary assumed in business combinations.</P>

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

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

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0">In the event of a corporate transaction involving the
stock of QCR Holdings (such as a stock dividend, stock split, extraordinary cash dividend, recapitalization, reorganization or merger),
the foregoing share limitations and all outstanding awards will automatically be adjusted proportionally and uniformly to reflect such
event. However, the Compensation Committee may adjust awards, or prevent the automatic adjustment of awards, to preserve the benefits
or potential benefits of awards under the 2024 Equity Incentive Plan.</P>

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

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0">Awards granted under the 2024 Equity Incentive Plan generally
will not be transferable except as designated by the participant by will or by the laws of descent and distribution or pursuant to a domestic
relations order. However, the Compensation Committee has the discretion to permit the transfer of awards under the 2024 Equity Incentive
Plan to immediate family members of participants, trusts and other entities established, as long as the transfers are made without value
to the participant. In no event may an award granted under the 2024 Equity Incentive Plan be sold, assigned or transferred to any third-party
financial institution.</P>

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

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

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

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0">Selected employees and directors of, and eligible service
providers to, QCR Holdings and its subsidiaries are eligible to become participants in the 2024 Equity Incentive Plan. The Compensation
Committee will determine the specific individuals who will be granted awards under the 2024 Equity Incentive Plan and the type and amount
of any such awards.</P>

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

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

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

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0">The Compensation Committee may grant nonqualified stock
options to purchase stock at a specified exercise price. Each award must be pursuant to an award agreement setting forth the provisions
of the individual award. Awards of options must expire no later than 10 years from the date of grant.</P>

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

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0">The exercise price for any option may not be less than
the fair market value of QCR Holdings&rsquo; common stock on the date the option is granted. The exercise price of an option may, however,
be higher or lower than the fair market value for an option granted in replacement of an existing award held by an employee or director
of, or service provider to, a third party that is acquired by QCR Holdings or one of its subsidiaries. The exercise price of an option
may not be decreased after the date of grant nor may an option be surrendered to QCR Holdings as consideration for the grant of a replacement
option with a lower exercise price, except as approved by QCR Holdings&rsquo; stockholders, as adjusted for corporate transactions described
above, or in the case of options granted in replacement of existing awards granted under a predecessor plan.</P>

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

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0">Options awarded under the 2024 Equity Incentive Plan will
be exercisable in accordance with the terms established by the Compensation Committee. The full purchase price of each share of stock
purchased upon the exercise of any option must be paid at the time of exercise of an option. As determined by the Compensation Committee,
the exercise price of an option may be paid in cash, in shares of QCR Holdings&rsquo; common stock (valued at fair market value as of
the day of exercise), by net exercise, by other property deemed acceptable by the Board of Directors or by irrevocably authorizing a third
party to sell shares of QCR Holdings&rsquo; common stock and remit a sufficient portion of the proceeds to QCR Holdings to satisfy the
exercise price (sometimes referred to as a &ldquo;cashless exercise&rdquo;) or in any combination of the foregoing methods deemed acceptable
by the Compensation Committee. In a net exercise, the person exercising the option does not pay any cash and the net number of shares
received is equal in value to the number of shares as to which the option is being exercised, multiplied by a fraction, the numerator
of which is the fair market value less the exercise price, and the denominator of which is fair market value.</P>

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

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

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

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

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0">SARs entitle the participant to receive cash or stock
equal in value to, or based on the value of, the amount by which the fair market value of a specified number of shares on the exercise
date exceeds an exercise price established by the Compensation Committee. Except as described below, the exercise price for a SAR may
not be less than the fair market value of the stock on the date the SAR is granted. However, the exercise price may be higher or lower
than fair market value for a SAR granted in replacement of an existing award held by an employee, director or service provider of a third
party that is acquired by QCR Holdings or one of its subsidiaries, or for SARs granted under a predecessor plan. SARs will be exercisable
in accordance with the terms established by the Compensation Committee.</P>

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

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

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

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0">A stock award is a grant of shares of QCR Holdings&rsquo;
common stock or a right to receive shares of QCR Holdings&rsquo; common stock, an equivalent amount of cash or a combination thereof in
the future. Awards may include stock units, deferred stock units, bonus shares, performance shares, performance units, restricted stock
or restricted stock units or any other equity-based award as determined by the Compensation Committee. Any specific performance measures,
performance objectives or period of service requirements may be set by the Compensation Committee in its discretion.</P>

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

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

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

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0">Unless specifically provided to the contrary in the applicable
award agreement, if a participant&rsquo;s service is terminated for cause, any outstanding award held by the participant will be forfeited
immediately and the participant will have no further rights under the award.</P>

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

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0">Further, except as otherwise provided by the Compensation
Committee, if a participant breaches a non-competition, non-solicitation, non-disclosure, non-disparagement or other restrictive covenant
in any agreement between the participant and QCR Holdings or a subsidiary, whether during or after the participant&rsquo;s termination
of service, the participant will forfeit or pay the following to QCR Holdings:</P>

<P STYLE="font-size: 10pt; text-align: left; 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="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">all outstanding awards granted to the participant under the 2024 Equity Incentive Plan, including awards
that have become vested or exercisable;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&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="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">any shares held by the participant in connection with the 2024 Equity Incentive Plan that were acquired after
the participant&rsquo;s termination of service and within the 12-month period immediately preceding the participant&rsquo;s termination
of service;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&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="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">the profit realized by the participant from the exercise of any stock options and SARs that the participant
exercised after the participant&rsquo;s termination of service and within the 12-month period immediately preceding the participant&rsquo;s
termination of service; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&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="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">the profit realized by the participant from the sale or other disposition of any shares received by the participant
in connection with the 2024 Equity Incentive Plan after the participant&rsquo;s termination of service and within the 12-month period
immediately preceding the participant&rsquo;s termination of service, where such sale or disposition occurs in such similar time period.</TD></TR></TABLE>

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

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

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

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

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0">Unless otherwise provided in an award agreement, upon
the occurrence of a change in control, all stock options and SARs under the 2024 Equity Incentive Plan then held by the participant will
become fully exercisable immediately if, and all stock awards will become fully earned and vested immediately, if (i) the 2024 Equity
Incentive Plan is not an obligation of the successor entity following a change in control or (ii) the 2024 Equity Incentive Plan is an
obligation of the successor entity following a change in control and the participant incurs a termination of service without cause or
for good reason following the change in control. Notwithstanding the immediately preceding sentence, if the vesting of an award is conditioned
upon the achievement of performance measures, then such vesting will be subject to the following: if, at the time of the change in control,
the performance measures are less than 50% attained (pro rata based upon the time of the period through the change in control), the award
will become vested and exercisable on a fractional basis with the numerator being equal to the percentage of attainment and the denominator
being 50%; and if, at the time of the change in control, the performance measures are at least 50% attained (pro rata based upon the time
of the period through the change in control), the award will become fully earned and vested immediately upon the change in control.</P>

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

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0">For purposes of the 2024 Equity Incentive Plan, a &ldquo;change
in control&rdquo; generally will be deemed to occur when (i)&nbsp;any person acquires the beneficial ownership of 33% or more of the common
stock of QCR Holdings, except that the acquisition of an interest by a benefit plan sponsored by QCR Holdings or a corporate restructuring
in which another member of QCR Holdings&rsquo; controlled group acquires such an interest generally will not be a change in control for
purposes of the 2024 Equity Incentive Plan, (ii) during any 12-month period, a majority of the members of the Board of Directors serving
as of the 2024 Equity Incentive Plan&rsquo;s effective date, or whose election was approved by a vote of a majority of the directors then
in office, no longer serves as directors, (iii) QCR Holdings combines or merges with another company and, immediately after the combination,
the stockholders of QCR Holdings immediately prior to the combination hold, directly or indirectly, 50% or less of the voting stock of
the resulting company or (iv)&nbsp;the consummation of a complete liquidation or dissolution of, or an agreement for the disposition of
two-thirds or more of the consolidated assets of, QCR Holdings occurs.</P>

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

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0">In the event an award under the 2024 Equity Incentive
Plan constitutes &ldquo;deferred compensation&rdquo; for purposes of Code Section 409A, and the settlement or distribution of the award
is triggered by a change in control, then such settlement or distribution will be subject to the event constituting the change in control
also constituting a &ldquo;change in control event&rdquo; for purposes of Code Section 409A.</P>

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

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

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

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0">Our board may at any time amend or terminate the 2024
Equity Incentive Plan or any award granted under the 2024 Equity Incentive Plan, but any amendment or termination generally may not impair
the rights of any participant without the participant&rsquo;s written consent. The Board of Directors may not amend any provision of the
2024 Equity Incentive Plan to materially increase the original number of shares that may be issued under the 2024 Equity Incentive Plan
(other than as provided in the 2024 Equity Incentive Plan), materially increase the benefits accruing to a participant or materially modify
the requirements for participation in the 2024 Equity Incentive Plan without approval of QCR Holdings&rsquo; stockholders. However, the
Board of Directors may amend the 2024 Equity Incentive Plan at any time, retroactively or otherwise, to ensure that the 2024 Equity Incentive
Plan complies with current or future law without stockholder approval, and the Board of Directors may unilaterally amend the 2024 Equity
Incentive Plan and any outstanding award, without participant consent, in order to avoid the application of, or to comply with, Code Section
409A.</P>

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

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

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

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

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0">All awards, amounts and benefits received under the 2024
Equity Incentive Plan will be subject to potential cancellation, recoupment, rescission, payback or other action in accordance with the
terms of any applicable clawback policy or any applicable law even if adopted after the 2024 Equity Incentive Plan becomes effective.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>U.S. Federal Income Tax Considerations</B></P>

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

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0">The following is a summary of the current U.S. federal
income tax consequences that may arise in conjunction with participation in the 2024 Equity Incentive Plan.</P>

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

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0"><B><I>Nonqualified Stock Options.</I></B> The grant of
a nonqualified stock option generally will not result in taxable income to the participant. Except as described below, the participant
generally will realize ordinary income at the time of exercise in an amount equal to the excess of the fair market value of the shares
acquired over the exercise price for those shares; and QCR Holdings generally will be entitled to a corresponding deduction. Gains or
losses realized by the participant upon disposition of such shares generally will be treated as capital gains and losses, with the basis
in such shares equal to the fair market value of the shares at the time of exercise.</P>

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

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0"><B><I>Stock Appreciation Rights.</I></B> The grant of
a SAR generally will not result in taxable income to the participant. Upon exercise of a SAR, the fair market value of shares received
generally will be taxable to the participant as ordinary income and QCR Holdings will be entitled to a corresponding deduction. Gains
and losses realized by the participant upon disposition of any such shares generally will be treated as capital gains and losses, with
the basis in such shares equal to the fair market value of the shares at the time of exercise.</P>

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

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0"><B><I>Stock Awards.</I></B> A participant who has been
granted a stock award generally will not realize taxable income at the time of grant, <I>provided</I> that the stock subject to the award
is not delivered at the time of grant, or if the stock is delivered, it is subject to restrictions that constitute a &ldquo;substantial
risk of forfeiture&rdquo; for U.S. income tax purposes. Upon the later of delivery or vesting of shares subject to an award, the holder
generally will realize ordinary income in an amount equal to the then fair market value of those shares and QCR Holdings will be entitled
to a corresponding deduction. Gains or losses realized by the participant upon disposition of such shares generally will be treated as
capital gains and losses, with the basis in such shares equal to the fair market value of the shares at the time of delivery or vesting.
Dividends paid to the holder during the restriction period, if so provided, generally will also be compensation income to the participant
and QCR Holdings will be entitled to a corresponding deduction.</P>

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

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0"><B><I>Withholding of Taxes.</I></B> QCR Holdings may withhold
amounts from participants to satisfy withholding tax requirements. If permitted by the Compensation Committee, participants may have shares
withheld from awards, may tender previously owned shares to QCR Holdings, or may have any compensation or other amounts payable to participant
withheld to satisfy tax withholding requirements. The shares withheld from awards may not be used to satisfy more than the maximum individual
statutory tax rate for each applicable tax jurisdiction or such lesser amount as may be established by QCR Holdings.</P>

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

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0"><B><I>Change in Control.</I></B> Any acceleration of the
vesting or payment of awards under the 2024 Equity Incentive Plan in the event of a change in control in QCR Holdings may cause part or
all of the consideration involved to be treated as an &ldquo;excess parachute payment&rdquo; under the Code, which may subject the participant
to a 20% excise tax and preclude deduction by QCR Holdings.</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0"><B>The foregoing description of the 2024 Equity Incentive
Plan is qualified in its entirety by reference to the full text of the 2024 Equity Incentive Plan, a copy of which is attached to the
Proxy Statement as <U>Appendix A</U>. </B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>No Tax Advice</B></P>

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

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0">The preceding discussion is based on U.S. federal tax
laws and regulations presently in effect, which are subject to change, and the discussion does not purport to be a complete description
of the U.S. federal income tax aspects of the 2024 Equity Incentive Plan. A participant may also be subject to state and local taxes in
connection with the grant of awards under the 2024 Equity Incentive Plan. QCR Holdings strongly encourages participants to consult with
their individual tax advisors to determine the applicability of the tax rules to the awards granted to them in their personal circumstances.</P>

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<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0">The number and types of awards to be made pursuant to
the 2024 Equity Incentive Plan is subject to the discretion of the Compensation Committee and is not determinable at this time.</P>

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<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>Stockholder Vote Necessary For Approval of the 2024 Equity Incentive Plan</B></P>

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<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0">Adoption of this proposal requires the affirmative vote
of a majority of the shares present in person or by proxy at the 2024 Annual Meeting and entitled to vote.&nbsp; Abstentions and broker
non-votes will have no effect on the outcome of this proposal.</P>

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<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0"><B>The Board of Directors unanimously recommends that
you vote to approve the 2024 Equity Incentive Plan by voting &ldquo;FOR&rdquo; this proposal. </B></P>

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