SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 19, 2012
UNITED BANCSHARES, INC.
(Exact name of Registrant as specified in its Charter)
(Former name or former address, if changed since last report)
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 (see General Instruction A.2. below):
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On May 1, 2012, United Bancshares, Inc. (the “Company”) announced that Brian D. Young was elected President and Chief Executive Officer of the Company and Chief Executive Officer and Chairman of the Company’s wholly owned subsidiary, The Union Bank Company (the “Bank”), effective August 1, 2012.
On June 19, 2012, the Compensation Committee of the Company’s board of directors finalized the modifications to Mr. Young’s compensation as a result of the changes to his employment described above, each to be effective August 1, 2012. Mr. Young’s base salary will be increased to $249,000 from $195,000. In addition, Mr. Young’s Salary Continuation Agreement has been amended to provide for an increase in the amounts payable to Mr. Young upon the occurrence of certain events, including retirement, termination of employment without cause, disability and death. A copy of Mr. Young’s Amended and Restated Salary Continuation Agreement is furnished as Exhibit 99.1 to this Form 8-K.
Item 9.01 Financial Statements and Exhibits.
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 thereunto duly authorized.