Company: UBCP
Filing Date: 2025-03-14
Form Type: DEF 14A
Source: 0001104659-25-023904
Chunk: 9

Company: UNITED BANCORP INC /OH/
Filing Date: 2025-03-14
Form: DEF 14A
Chunk 9
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’s business, the Board has determined that the Chairman and President positions of the Corporation can be held by the same individual when circumstances warrant the combination of these positions; particularly when the level of the individual’s experience and history with the Corporation support an ability to perform both duties. As currently constituted, the Board believes that having Mr. Everson serve as both Chairperson and Principal Executive Officer provides unified leadership, ensures clear accountability, and enhances the Corporation’s ability to implement its business strategies efficiently and respond promptly to opportunities and challenges as they arise. Nonetheless, the Board will continue to evaluate its leadership structure and risk oversight framework to ensure they remain effective in supporting the Corporation’s strategic objectives. The Board of Directors of United Bancorp met 4 times in 2024. The Board of Directors of United Bancorp has standing Executive, Audit, Compensation, and Nominating and Governance Committees. The Audit Committee has been established in accordance with section 3(a)(58)(A) of the Exchange Act. The membership and general function of these committees are noted below. Executive Committee. Mr. Scott A. Everson, Chairman, President and CEO, Mr. Gary W. Glessner and Mr. John M. Hoopingarner are the members of the Corporation’s Executive Committee. The Executive Committee met 4 times during 2024. The functions of this committee are to act in the stead of the board between meetings, to receive formal vendor presentations and to review with management and set the agenda for each board meeting. The Executive Committee members also serve as advisory trustees to the Corporation’s defined benefit pension plan and as trustees to the Corporation’s 401(k) and ESOP plans. The Executive Committee of the Board of Directors is also responsible for ensuring that an adequate risk management framework is in place and functioning as intended. A clear understanding and working knowledge of the material risks inherent to the Corporation’s activities is an absolute necessity. Material risks routinely monitored by the Executive Committee include: market risk; credit risk; compliance risk; and information technology risk. A brief description of the Executive Committee’s function in monitoring these risks follows below. Market Risk : Market risk is the exposure to loss resulting from changes in interest rates and equity prices. The primary market risk to which we are subject is interest rate risk. The majority of our interest rate risk arises from the instruments, positions and transactions entered into for purposes other than trading such as loans, available for sale securities, interest bearing deposits, short term borrowings and long term borrowings. Interest rate risk occurs when interest bearing assets