Company: UBCP
Filing Date: 2025-03-14
Form Type: DEF 14A
Source: 0001104659-25-023904
Chunk: 7

Company: UNITED BANCORP INC /OH/
Filing Date: 2025-03-14
Form: DEF 14A
Chunk 7
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 Directors, including any “related party transaction” requiring disclosure in United Bancorp’s annual meeting proxy statement. In the event any member of the Audit Committee, any entity controlled by such member, or any associate or family member of such member, proposes to engage in such a relationship with the Corporation, such member must recuse him or herself from the discussion and decision about the appropriateness of such arrangement. In determining the independence of Director Hendershot under the applicable independence standards of the Nasdaq listing rules, the Board of Directors considered the following relationship between the Corporation’s wholly-owned bank subsidiary and Ohio-West Virginia Excavating Company (“OWV Excavating”), an entity for which Director Hendershot serves as the President. Specifically, during 2024, the Company engaged OWV Excavating to perform certain construction services. While the total amount of payments made to OWV Excavating in 2024, exceeded $120,000, they did not exceed the threshold of 5% of the recipient’s consolidated gross revenues for the fiscal year that would automatically bar a finding of independence under the Nasdaq listing rules. After reviewing the nature of the 7 transaction, including the fact that the engagement was approved in accordance with the Corporation’s Code of Ethics and Business Conduct, the Board concluded that this relationship does not impair Director Hendershot’s independence. The Corporation has engaged and intends to continue to engage in the lending of money through its subsidiary bank to its Related Parties. All loans to such persons (i) were made in the ordinary course of business, (ii) were made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other persons, and (iii) did not involve more than a normal risk of collectability or present other unfavorable features. Except for transactions described above, no Related Parties engaged in any transaction with the Corporation during 2024 in which the amount involved exceeded $120,000. 8 CORPORATE GOVERNANCE AND
COMMITTEES OF THE BOARD The Board of Directors has adopted both the United Bancorp, Inc. Corporate Governance Guidelines (the “Guidelines”) and the United Bancorp, Inc. Code of Ethics and Business Conduct, both of which may be found on United Bancorp’s website at www.unitedbancorp.com. Pursuant to the Company’s Amended and Restated Code of Regulations, the Board of Directors maintains the authority to fix the exact number of members of the Board from time to time by the majority vote