Company: UBCP
Filing Date: 2025-03-14
Form Type: DEF 14A
Source: 0001104659-25-023904
Chunk: 22

Company: UNITED BANCORP INC /OH/
Filing Date: 2025-03-14
Form: DEF 14A
Chunk 22
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 of the Corporation for 2024. The Compensation Committee operates under a charter adopted by the board of directors. The Compensation Committee annually reviews the adequacy of its charter and recommends changes to the board for approval. The charter grants the Committee the authority to retain and terminate advisors, including compensation consultants, accountants and legal counsel, to assist in discharging its duties. No compensation consultants were retained in connection with compensation determinations for 2024. The Compensation Committee meets at scheduled times during the year and also acts upon occasion by electronic written consent. The chair of the committee reports on committee activities and makes committee recommendations at meetings of the board of directors. Compensation Philosophy . Our executive compensation programs seek to achieve and maintain equity with respect to balancing the interests of shareholders and executive officers, while supporting our need to attract and retain competent executive management. The Board of Directors believes a key to attracting and retaining good management and directors is a competitive compensation program. Toward this end, the management compensation committee has developed an executive compensation policy, along with supporting executive compensation plans and programs, which are intended to attain the following objectives: • Support a pay-for-performance policy that rewards Executive Officers for corporate performance. • Motivate Executive Officers to achieve strategic business goals. 23 • Provide competitive compensation opportunities critical to the Corporation’s long-term success. The committee collects and analyzes comparative executive compensation information from relevant peer groups, then approves executive salary adjustments. Additionally, from time to time, the committee reviews other human resource issues, including qualified and non-qualified benefits, and management performance appraisals. The Committee uses comparisons of competitive executive pay practices taken from banking industry compensation surveys and, from time-to-time, consultation with independent executive compensation advisors. Peer groups and competitive compensation practices are determined using executive compensation packages at bank holding companies and subsidiaries of comparable size to the Corporation and its subsidiaries. There are three principal components of the compensation program for all Executive Officers of the Corporation and its commercial bank subsidiary: (i) a base salary component; (ii) a cash bonus incentive component; and (iii) a long-term equity compensation component. In 2008 the Corporation’s shareholders approved The United Bancorp, Inc. 2008 Stock Incentive Plan (the “2008 Plan”), which expired by its terms on April 15, 2018, ten years after its adoption, so awards may no longer be made under the 2008 Plan. At the 2018 Annual Meeting of Shareholders, the Corporation’s shareholders approved the United Bancorp, Inc. 2018