Document:

EX-10.10

 Exhibit 10.10 

SUNEDISON SEMICONDUCTOR LIMITED 

2014 NON-EMPLOYEE DIRECTOR INCENTIVE PLAN 

1. Establishment and Purpose. SunEdison Semiconductor Limited hereby establishes, effective May 19, 2014, an incentive compensation
plan known as the “SunEdison Semiconductor Limited 2014 Non-Employee Director Incentive Plan.” The purposes of the Plan are to enable the Company to attract, motivate and retain qualified and experienced individuals who may perform
services for the Company as Non-Employee Directors, to compensate them for their contributions to the long-term growth and profits of the Company and to encourage them to acquire a proprietary interest in the success of the Company. 

2. Definitions. The capitalized terms used in this Plan have the meanings set forth below. 

(a) “Affiliate” means any corporation that is a Subsidiary of the Company and any limited liability company,
partnership, corporation, joint venture, or any other entity in which the Company or any such Subsidiary owns an equity interest. 

(b) “Agreement” means a written agreement, contract, certificate or other instrument or document evidencing
the terms and conditions of an Award which may, in the discretion of the Company, be transmitted electronically to any Participant. Each Agreement shall be subject to the terms and conditions of the Plan. 

(c) “Award” means a grant made under this Plan in the form of Options, Stock Appreciation Rights, Restricted
Stock, Restricted Stock Units, Performance Shares or any Other Award, whether singly, in combination or in tandem. 
 (d)
“Board” means the Board of Directors of the Company. 
 (e) “Cause” shall mean, except as
otherwise provided in an Agreement, a determination by a majority of the disinterested Board members that the Director has engaged in any of the following: (i) malfeasance in office; (ii) gross misconduct or neglect; (iii) false or
fraudulent misrepresentation inducing the Director’s appointment; (iv) willful conversion of corporate funds; or (v) repeated failure to participate in Board meetings on a regular basis despite having received proper notice of the
meetings in advance. The Committee, in its sole discretion, shall determine the effect of all matters and questions relating to whether a Participant has been discharged for Cause. 

(f) “Change in Control” shall mean, except as otherwise provided in an Agreement, any of the following: 

(i) any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all or
substantially all of the assets of the Company to any Person or group of related Persons for purposes of Section 13(d) of the Exchange Act (a “Group”), together with any affiliates thereof; 

 (ii) the commencement of the liquidation or dissolution of the Company
that occurs following the approval by the holders of capital stock of the Company of any plan or proposal for such liquidation or dissolution of the Company; 

(iii) any Person or Group shall become the beneficial owner (within the meaning of Section 13(d) of the Exchange
Act), directly or indirectly, of shares representing more than 50% of the aggregate voting power of the issued and outstanding stock entitled to vote in the election of directors, managers or trustees (the “Voting Stock”) of the Company
and such Person or Group actually has the power to vote such shares in any such election; 
 (iv) the replacement of a
majority of the Board of Directors of the Company over a two-year period from the directors who constituted the Board of Directors of the Company at the beginning of such period, and such replacement shall not have been approved by a vote of at
least a majority of the Board of Directors of the Company then still in office who either were members of such Board of Directors at the beginning of such period; or 

(v) a merger or consolidation of the Company with another entity in which holders of the Common Stock of the Company
immediately prior to the consummation of the transaction hold, directly or indirectly, immediately following the consummation of the transaction, 50% or less of the common equity interest in the surviving corporation in such transaction. 

Notwithstanding anything herein to the contrary, an event described above shall be considered a Change in Control hereunder
only if it also constitutes a “change in control event” under Section 409A of the Code, to the extent necessary to avoid the adverse tax consequences thereunder with respect to any Award subject to Section 409A of the Code. 

(g) “Change in Control Date” shall mean the date on which the event giving rise to the Change in Control
occurs, provided, in the case of a Change in Control defined in clause (ii) of the definition thereof, such date shall be the date on which the Company shall commence such liquidation or dissolution. 

(h) “Code” means the Internal Revenue Code of 1986, as amended and in effect from time to time, or any
successor thereto. Any reference to a section of the Code shall be deemed to include a reference to any regulations promulgated thereunder. 

(i) “Committee” means the committee of directors appointed by the Board to administer this Plan. In the
absence of a specific appointment, “Committee” shall mean the Board. 
 (j) “Company” means
SunEdison Semiconductor Limited, a Singapore public limited company, or any successor to all or substantially all of its businesses by merger, consolidation, purchase of assets or otherwise. 

  
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 (k) “Continuous Service” means that the Participant’s
service with the Company is not interrupted or terminated; provided that if any Award is subject to Section 409A of the Code, this determination shall be made in a manner consistent with Section 409A of the Code. The Committee or its
delegate, in its sole discretion, may determine whether Continuous Service shall be considered interrupted in the case of any leave of absence approved by that party, including sick leave, military leave or any other personal or family leave of
absences. 
 (l) “Director” means a member of the Board. 

(m) “Disability” means, except as otherwise provided in an Agreement, that the Participant is unable to engage
in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than 12 months. The
determination of whether an individual has a Disability shall be determined under procedures established by the Committee. 

(n) “Exchange Act” means the Securities Exchange Act of 1934, as amended; “Exchange Act Rule 16b-3”
means Rule 16b-3 promulgated by the Securities and Exchange Commission under the Exchange Act or any successor regulation. 

(o) “Fair Market Value” as of any date means, unless otherwise expressly provided in this Plan: 

(i) the closing sales price of a Share on the Nasdaq Global Select Market, or if Shares are not quoted on the Nasdaq
Global Select Market, on the New York Stock Exchange (“NYSE”) or any similar system then in use or, , or 

(ii) if clause (i) is not applicable, what the Committee determines in good faith to be 100% of the fair market
value of a Share on that date, taking into account the requirements of Section 409A of the Code, which determination shall be conclusive and binding on all persons. 

The determination of Fair Market Value shall be subject to adjustment as provided in Section 13(f) hereof. 

(p) “Fundamental Change” means a dissolution or liquidation of the Company, a sale of substantially all of the
assets of the Company (in one or a series of transactions), a merger or consolidation of the Company with or into any other corporation, regardless of whether the Company is the surviving corporation, or a statutory share exchange involving capital
stock of the Company. 
 (q) “Non-Employee Director” means a member of the Board who is a “non-employee
director” within the meaning of Rule 16b-3. 
 (r) “Non-Qualified Stock Option” means an Option not
intended to be an “incentive stock option” within the meaning of Sections 421 and 422 of the Code. 

  
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 (s) “Option” means a right to purchase Stock (or, if the
Committee so provides in an applicable Agreement, Restricted Stock). For the avoidance of doubt, an Option shall only be a Non-Qualified Stock Option. 

(t) “Other Award” means a cash-based Award, an Award of Stock, or an Award based on Stock other than Options,
Stock Appreciation Rights, Restricted Stock, Restricted Stock Units or Performance Shares. 
 (u) “Parent”
means a “parent corporation,” as that term is defined in Section 424(e) of the Code, or any successor provision. 

(v) “Participant” means any Non-Employee Director to whom an Award is granted pursuant to the Plan or, if
applicable, such other person who validly holds an outstanding Award. 
 (w) “Performance Criteria” means
performance goals relating to certain criteria as further described in Section 12 hereof. 
 (x)
“Performance Period” means one or more periods of time in duration, as the Committee may select, over which the attainment of one or more performance goals will be measured for the purpose of determining which Awards, if any, are to
vest or be earned. 
 (y) “Performance Shares” means a contingent award of a specified number of Shares or
Units, with each Performance Share equivalent to one or more Shares or a fractional Share or a Unit expressed in terms of one or more Shares or a fractional Share, as specified in the applicable Agreement, a variable percentage of which may vest or
be earned depending upon the extent of achievement of specified performance objectives during the applicable Performance Period. 

(z) “Person” means an individual, partnership, corporation, limited liability company, unincorporated
organization, trust or joint venture, or a governmental agency or political subdivision thereof. 
 (aa)
“Plan” means this SunEdison Semiconductor Limited 2014 Non-Employee Director Incentive Plan, as amended and in effect from time to time. 

(bb) “Registration Date” means the date on which the Company sells its Common Stock in a bona fide, firm
commitment underwriting pursuant to a registration statement under the Securities Act. 
 (cc) “Restricted
Stock” means Stock granted under Section 10 hereof so long as such Stock remains subject to one or more restrictions. 

(dd) “Restricted Stock Units” means Units of Stock granted under Section 10 hereof. 

  
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 (ee) “Securities Act” means means the Securities Act of 1933, as
amended and all rules and regulations promulgated thereunder. Reference to a specific section of the Securities Act or regulation thereunder shall include such section or regulation, any valid regulation or interpretation promulgated under such
section, and any comparable provision of any future legislation or regulation amending, supplementing or superseding such section or regulation. 

(ff) “Share” means a share of Stock. 

(gg) “Stock” means the Company’s ordinary shares of no par value, or any securities issued in respect
thereof by the Company or any successor to the Company as a result of an event described in Section 13(f). 
 (hh)
“Stock Appreciation Right” means a right pursuant to an Award granted under Section 8. 
 (ii)
“Subsidiary” means a “subsidiary corporation,” as that term is defined in Section 424(f) of the Code, or any successor provision. 

(jj) “Successor” with respect to a Participant means, except as otherwise provided in an Agreement, the legal
representative of an incompetent Participant and, if the Participant is deceased, the beneficiary, if any, designated on forms prescribed by and filed with the Committee. If no designation of a beneficiary has been made, or if the Committee shall be
in doubt as to the rights of any beneficiary, as determined in the Committee’s discretion, the Successor shall be the legal representative of the estate of the Participant or the person or persons who may, by bequest, inheritance, will, or the
laws of descent and distribution, or under the terms of an Award, acquire the right to exercise an Option or Stock Appreciation Right or receive cash and/or Shares issuable in satisfaction of an Award in the event of a Participant’s death. 

(kk) “Term” means the period during which an Option or Stock Appreciation Right may be exercised or the period
during which the restrictions placed on Restricted Stock, Restricted Stock Units, or any other Award are in effect. 

(ll) “Unit” means a bookkeeping entry that may be used by the Company to record and account for the grant of
Stock, Units of Stock, Stock Appreciation Rights, Performance Shares, and any other Award expressed in terms of Units of Stock until such time as the Award is paid, canceled, forfeited or terminated. No Shares shall be issued at the time of grant,
and the Company will not be required to set aside a fund for the payment of any such Award. 
 Except when otherwise
indicated by the context, reference to the masculine gender shall include, when used, the feminine gender and any term used in the singular shall also include the plural. 

  
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 3. Administration. 

(a) Authority of Committee. The Committee shall administer this Plan or delegate its authority to do so as provided in
Section 3(c) hereof or, in the Board’s sole discretion or in the absence of the Committee, the Board shall administer this Plan. Subject to the terms of the Plan, the Committee’s charter and applicable laws, and in addition to other
express powers and authorization conferred by the Plan, the Committee shall have the authority: 
 (i) to construe and
interpret the Plan and apply its provisions; 
 (ii) to promulgate, amend, and rescind rules and regulations relating
to the administration of the Plan; 
 (iii) to authorize any person to execute, on behalf of the Company, any
instrument required to carry out the purposes of the Plan; 
 (iv) to determine when Awards are to be granted under
the Plan and the applicable grant date; 
 (v) from time to time to select, subject to the limitations set forth in
this Plan, those Participants to whom Awards shall be granted; 
 (vi) to determine the number of shares of Stock or
the amount of cash to be made subject to each Award, subject to the limitations set forth in this Plan; 
 (vii) to
prescribe the terms and conditions of each Award, including, without limitation, the Award type, the exercise price and medium of payment and vesting provisions, and to specify the provisions of the Agreement relating to such grant; 

(viii) to determine the target number of Performance Shares to be granted pursuant to a Performance Share Award, the
performance measures that will be used to establish the performance goals, the performance period(s) and the number of Performance Shares earned by a Participant; 

(ix) to designate an Award (including a cash bonus) as a performance compensation Award and to select the performance
criteria that will be used to establish the performance goals; 
 (x) to amend any outstanding Awards, including for
the purpose of modifying the time or manner of vesting, or the term of any outstanding Award; provided, however, that if any such amendment impairs a Participant’s rights or increases a Participant’s obligations under his or her Award or
creates or increases a Participant’s federal income tax liability with respect to an Award, such amendment shall also be subject to the Participant’s consent; 

  
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 (xi) to determine whether, to what extent and under what circumstances
Awards may be settled, paid or exercised in cash, Shares or other Awards or other property, or canceled, forfeited, or suspended; 

(xii) to determine the duration and purpose of leaves and absences which may be granted to a Participant without
constituting termination of service for purposes of the Plan; 
 (xiii) to make decisions with respect to outstanding
Awards that may become necessary upon a change in corporate control or an event that triggers anti-dilution adjustments; 

(xiv) to interpret, administer, or reconcile any inconsistency in, correct any defect in and/or supply any omission in
the Plan and any instrument or agreement relating to, or Award granted under, the Plan; and 
 (xv) to exercise
discretion to make any and all other determinations which it determines to be necessary or advisable for the administration of the Plan. 

The Committee shall not have the right, without shareholder approval to (i) reduce or decrease the purchase price for an outstanding
Option or Stock Appreciation Right, (ii) cancel an outstanding Option or Stock Appreciation Right for the purpose of replacing or re-granting such Option or Stock Appreciation Right with a purchase price that is less than the original purchase
price, (iii) extend the expiration date of an Option or Stock Appreciation Right, or (iv) deliver stock, cash, or other consideration in exchange for the cancellation of an Option or Stock Appreciation Right, the purchase price of which
exceeds the Fair Market Value of the Shares underlying such Option or Stock Appreciation Right. 
 (b) Committee Decisions
Final. All decisions made by the Committee pursuant to the provisions of the Plan shall be final and binding on the Company and the Participants, unless such decisions are determined by a court having jurisdiction to be arbitrary and capricious.

 (c) Delegation. The Committee, or if no Committee has been appointed, the Board, may delegate administration of the
Plan to a committee or committees of one or more members of the Board, and the term “Committee” shall apply to any person or persons to whom such authority has been delegated. The Committee shall have the power to delegate to a
subcommittee any of the administrative powers the Committee is authorized to exercise (and references in this Plan to the Board or the Committee shall thereafter be to the committee or subcommittee), subject, however, to such resolutions, not
inconsistent with the provisions of the Plan, as may be adopted from time to time by the Board. The Board may abolish, suspend or supersede the Committee at any time and revest in the Board the administration of the Plan. The members of the
Committee shall be appointed by and serve at the pleasure of the Board. From time to time, the Board may increase or decrease the size of the Committee, add additional members to, remove 

  
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members (with or without cause) from, appoint new members in substitution therefor, and fill vacancies, however, caused, in the Committee. The Committee shall act pursuant to a vote of the
majority of its members or, in the case of a Committee comprised of only two members, the unanimous consent of its members, whether present or not, or by the written consent of the majority of its members and minutes shall be kept of all of its
meetings and copies thereof shall be provided to the Board. Subject to the limitations prescribed by the Plan and the Board, the Committee may establish and follow such rules and regulations for the conduct of its business as it may determine to be
advisable. 
 (d) Board Authority. Any authority granted to the Committee may also be exercised by the Board or
another committee of the Board duly appointed for such purpose. To the extent that any permitted action taken by the Board conflicts with action taken by the Committee, the Board action shall control. Without limiting the generality of the
foregoing, to the extent the Board has delegated any authority under this Plan to another committee of the Board, such authority shall not be exercised by the Committee unless expressly permitted by the Board in connection with such delegation. 

(e) Determination of Awards. The Committee may from time to time determine that each individual who is elected or
appointed to the office of director as a Non-Employee Director receive an Award as compensation, in whole or in part, for such individual’s services as a director. In determining the level and terms of such Awards for Non-Employee Directors,
the Committee may consider such factors as compensation practices of comparable companies with respect to directors, consultants’ recommendations, and such other information as the Committee may deem appropriate. 

4. Shares Available; Maximum Payouts. 

(a) Shares Available. Subject to adjustment in accordance with Section 13(f), a total of 1,000,000 Shares shall be
available for the grant of Awards under the Plan. Shares issued under this Plan may be authorized and unissued shares or issued shares held as treasury shares. The following Shares may not again be made available for issuance as Awards:
(i) Shares not issued or delivered as a result of the net settlement of an outstanding Stock Appreciation Right or Stock Option, (ii) Shares used to pay the exercise price or taxes related to an outstanding Stock Option or Stock
Appreciation Right, or (iii) Shares repurchased on the open market with the proceeds of a Stock Option exercise price. 

(b) Shares Not Applied to Limitations. The following will not be applied to the Share limitations of subsection 4(a)
above: (i) dividends or dividend equivalents paid in cash in connection with outstanding Awards, (ii) any Shares subject to an Award under the Plan which Award is forfeited, cancelled, terminated, expires or lapses for any reason, and
(iii) Shares and any Awards that are granted through the settlement, assumption, or substitution of outstanding awards previously granted (subject to applicable repricing restrictions herein), or through obligations to grant future awards, as a
result of a merger, consolidation, or acquisition of the employing company with or by the Company. If an Award is to be settled in cash, the number of Shares on which the Award is based shall not count toward the Share limitations of subsection
4(a). 

  
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 (c) Award Limitations. No Participant shall be granted (i) Options to
purchase Shares and Stock Appreciation Rights with respect to more than 50,000 Shares in the aggregate, (ii) any other Awards with respect to more than 75,000 Shares in the aggregate (or, in the event such Award denominated or expressed in
terms of number of Shares or Units is paid in cash, the equivalent cash value thereof), or (iii) any cash bonus Award not denominated or expressed in terms of number of Shares or Units with a value that exceeds $200,000 in the aggregate, in
each case, in any fiscal year of the Company under this Plan (such share limits being subject to adjustment under Section 13(f) hereof). 

(d) No Fractional Shares. No fractional Shares may be issued under this Plan; fractional Shares will be rounded down to
the nearest whole Share. 
 5. Eligibility. Awards may be granted under this Plan to any Non-Employee Director at the discretion of
the Committee. 
 6. General Terms of Awards. 

(a) Awards. Awards under this Plan may consist of Options, Stock Appreciation Rights, Performance Shares, Restricted
Stock, Restricted Stock Units, or Other Awards. 
 (b) Agreements. Each Award under this Plan shall be evidenced by an
Agreement setting forth the number of Shares of Restricted Stock, Stock, Restricted Stock Units, or Performance Shares, or the amount of cash, subject to such Agreement, or the number of Shares to which the Option applies or with respect to which
payment upon the exercise of the Stock Appreciation Right is to be determined, as the case may be, together with such other terms and conditions applicable to the Award (not inconsistent with this Plan) as determined by the Committee in its sole
discretion. 
 (c) Term. Each Agreement, other than those relating solely to Awards of Stock without restrictions,
shall set forth the Term of the Award and any applicable Performance Period, as the case may be, but in no event shall the Term of an Award or the Performance Period be longer than ten years after the date of grant. An Agreement with a Participant
may permit acceleration of vesting requirements and of the expiration of the applicable Term upon such terms and conditions as shall be set forth in the Agreement, which may, but, unless otherwise specifically provided in this Plan, need not,
include, without limitation, acceleration resulting from the occurrence of the Participant’s death or Disability. Acceleration of the Performance Period and other performance-based Awards shall be subject to Section 9(b) or Section 12
hereof, as applicable. 
 (d) Transferability. Except as otherwise permitted by the Committee, during the lifetime of
a Participant to whom an Award is granted, only such Participant (or such Participant’s legal representative) may exercise an Option or Stock Appreciation Right or receive payment with respect to any other Award. Except as otherwise permitted
by the Committee, no Award of Restricted Stock (prior to the expiration of the restrictions), Restricted Stock Units, Options, Stock Appreciation Rights, Performance Shares or Other Award (other than an award of Stock without restrictions) may be
sold, assigned, 

  
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transferred, exchanged, or otherwise encumbered, and any attempt to do so (including pursuant to a decree of divorce or any judicial declaration of property division) shall be of no effect.
Notwithstanding the immediately preceding sentence, an Agreement may provide that an Award shall be transferable to a Successor in the event of a Participant’s death. 

(e) Termination of Continuous Service Generally. Each Award Agreement shall set forth the extent to which the
Participant shall have the right to exercise and/or retain an Award following termination of the Participant’s service with the Company or its Affiliates, including, without limitation, upon death or a Disability, or other termination of
Continuous Service. Such provisions shall be determined in the sole discretion of the Committee, shall be included in the Award Agreement, need not be uniform among Award Agreements issued pursuant to this Plan, and may reflect distinctions based on
the reasons for termination. 
 (f) Change in Control. Unless otherwise provided in an Award Agreement,
notwithstanding any provision of the Plan to the contrary, in the event of a Participant’s termination of Continuous Service without Cause during the 12-month period following a Change in Control Date, all Options and Stock Appreciation Rights
shall become immediately exercisable with respect to 100% of the Shares subject to such Options or Stock Appreciation Rights, and/or the period of restriction shall expire and the Award shall vest immediately with respect to 100% of the Shares of
Restricted Stock, Restricted Stock Units, and any other Award, and/or all performance goals or other vesting criteria will be deemed achieved at 100% target levels and all other terms and conditions will be deemed met as of the date of the
Participant’s termination of Continuous Service. In addition, in the event of a Change in Control, an Award may be treated, to the extent determined by the Committee to be permitted under Section 409A of the Code, in accordance with one of
the following methods as determined by the Committee in its sole discretion: (i) upon at least 10 days’ advance notice to the affected persons, cancel any outstanding Awards and pay to the holders thereof, in cash or stock, or any
combination thereof, the value of such Awards based upon the price per Share received or to be received by other shareholders of the Company in the event; or (ii) provide for the assumption of or the issuance of substitute awards that will
substantially preserve the otherwise applicable terms of any affected Awards previously granted under the Plan, as determined by the Committee in its sole discretion. In the case of any Option or Stock Appreciation Right with an exercise price that
equals or exceeds the price paid for a Share in connection with the Change in Control, the Committee may cancel the Option or Stock Appreciation Right without the payment of consideration therefor. 

(g) Rights as Shareholder. A Participant shall have no right as a shareholder with respect to any securities covered by
an Award until the date the Participant becomes the holder of record. 
 (h) Performance Conditions. The Committee may
require the satisfaction of certain performance goals as a condition to the grant, vesting or payment of any Award provided under the Plan. 

  
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 7. Stock Options. 

(a) Terms of All Options. 

(i) Grants. Each Option shall be granted pursuant to an Agreement as a Non-Qualified Stock Option. The provisions of
separate Options need not be identical. In no event may Options known as reload options be granted hereunder. 
 (ii)
Purchase Price. The purchase price of each Share subject to an Option shall be determined by the Committee and set forth in the applicable Agreement, but shall not be less than 100% of the Fair Market Value of a Share as of the date the Option
is granted. The purchase price of the Shares with respect to which an Option is exercised shall be payable in full at the time of exercise, in cash or by certified or bank check. The purchase price may be paid, if the Committee so permits and upon
such terms as the Committee shall approve, through delivery or tender to the Company of Shares held, either actually or by attestation, by such Participant (in each case, such Shares having a Fair Market Value as of the date the Option is exercised
equal to the purchase price of the Shares being purchased pursuant to the Option) or through a net or cashless form of exercise as permitted by the Committee, or, if the Committee so permits, a combination thereof. Further, the Committee, in its
discretion, may approve other methods or forms of payment of the purchase price, and establish rules and procedures therefor. Unless otherwise specifically provided in the Agreement, the purchase price of the Shares acquired pursuant to an Option
that is paid by delivery (or attestation) to the Company of other Shares acquired, directly or indirectly from the Company, shall be paid only by Shares that have been held for more than six months (or such longer or shorter period of time required
to avoid a charge to earnings for financial accounting purposes). 
 (iii) Exercisability. Each Option shall vest and
be exercisable in whole or in part on the terms provided in the Agreement. An Option that vests solely on the basis of the passage of time (and not on the basis of any performance standards) shall not vest more rapidly than ratably over a period of
three years from the grant date beginning on the first anniversary of the Option grant date. An Option that vests based on performance standards shall not vest more rapidly than immediate vesting on the first anniversary of the Option grant date.
Notwithstanding the foregoing, vesting of an Option may be accelerated upon the occurrence of certain events as provided in the Award Agreement. In no event shall any Option be exercisable at any time after its Term. When an Option is no longer
exercisable, it shall be deemed to have lapsed or terminated. No Option may be exercised for a fraction of a Share. 

(iv) Termination of Continuous Service. Unless otherwise provided in an Award Agreement, in the event a
Participant’s Continuous Service terminates (other than upon the Participant’s death or Disability), the Participant may exercise his or her Option (to the extent that the Participant was entitled to

  
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exercise such Option as of the date of termination) but only within such period of time ending on the earlier of (a) the date three months following the termination of the Participant’s
Continuous Service or (b) the expiration of the Term of the Option as set forth in the Award Agreement; provided that, if the termination of Continuous Service is by the Company for Cause, all outstanding Options (whether or not vested) shall
immediately terminate and cease to be exercisable. If, after termination, the Optionholder does not exercise his or her Option within the time specified in the Award Agreement, the Option shall terminate. 

(v) Disability of Optionholder. Unless otherwise provided in an Award Agreement, in the event that a Participant’s
Continuous Service terminates as a result of the Participant’s Disability, the Participant may exercise his or her Option (to the extent that the Participant was entitled to exercise such Option as of the date of termination), but only within
such period of time ending on the earlier of (a) the date 12 months following such termination or (b) the expiration of the Term of the Option as set forth in the Award Agreement. If, after termination, the Participant does not exercise
his or her Option within the time specified in the Award Agreement, the Option shall terminate. 
 (vi) Death of
Optionholder. Unless otherwise provided in an Award Agreement, in the event a Participant’s Continuous Service terminates as a result of the Participant’s death, then the Option may be exercised (to the extent the Participant was
entitled to exercise such Option as of the date of death) by the Participant’s estate, by a person who acquired the right to exercise the Option by bequest or inheritance or by a person designated to exercise the Option upon the
Participant’s death, but only within the period ending on the earlier of (a) the date 12 months following the date of death or (b) the expiration of the Term of such Option as set forth in the Award Agreement. If, after the
Participant’s death, the Option is not exercised within the time specified in the Award Agreement, the Option shall terminate. 
 8.
Stock Appreciation Rights. 
 (a) Grant. An Award of a Stock Appreciation Right shall entitle the Participant,
subject to terms and conditions determined by the Committee, to receive upon exercise of the Stock Appreciation Right all or a portion of the excess of (i) the Fair Market Value of a specified number of Shares as of the date of exercise of the
Stock Appreciation Right over (ii) a specified purchase price which shall not be less than 100% of the Fair Market Value of such Shares as of the date of grant of the Stock Appreciation Right. Each Stock Appreciation Right shall be subject to
such terms as provided in the applicable Agreement. Except as otherwise provided in the applicable Agreement, upon exercise of a Stock Appreciation Right, payment to the Participant (or to his or her Successor) shall be made in the form of cash,
Shares or a combination of cash and Shares (as determined by the Committee if not otherwise specified in the Award) as promptly as practicable after such exercise. The Agreement may provide for a limitation upon the amount or percentage of the total
appreciation on which payment (whether in cash and/or Stock) may be made in the event of the exercise of a Stock Appreciation Right. Participants holding Stock Appreciation Rights shall have no dividend rights with respect to Shares subject to such
Stock Appreciation Rights. 

  
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 (b) Exercisability. Each Stock Appreciation Right shall vest and be
exercisable in whole or in part on the terms provided in the Agreement. A Stock Appreciation Right that vests solely on the basis of the passage of time (and not on the basis of any performance standards) shall not vest more rapidly than ratably
over a period of three years from the grant date beginning on the first anniversary of the Stock Appreciation Right grant date. A Stock Appreciation Right that vests based on performance standards shall not vest more rapidly than immediate vesting
on the first anniversary of the Option grant date. Notwithstanding the foregoing, the vesting of a Stock Appreciation Right may be accelerated upon the occurrence of certain events as provided in the Award Agreement. In no event shall any Stock
Appreciation Right be exercisable at any time after its Term. When a Stock Appreciation Right is no longer exercisable, it shall be deemed to have lapsed or terminated. No Stock Appreciation Right may be exercised for a fraction of a Share. 

9. Performance Shares. 

(a) Initial Award. An Award of Performance Shares shall entitle a Participant to future payments based upon the
achievement of performance targets established in writing by the Committee. Payment shall be made in cash or Stock, or a combination of cash and Stock, as determined by the Committee. Such performance targets and other terms and conditions shall be
determined by the Committee in its sole discretion. The Agreement may establish that a portion of the maximum amount of a Participant’s Award will be paid for performance which exceeds the minimum target but falls below the maximum target
applicable to such Award. The Agreement shall provide for the timing of such payment. 
 (b) Acceleration and
Adjustment. The applicable Agreement may permit an acceleration of the Performance Period and an adjustment of performance targets and payments with respect to some or all of the Performance Shares awarded to a Participant, upon such terms and
conditions as shall be set forth in the Agreement, upon the occurrence of certain events, which may, but need not, include without limitation, a Fundamental Change, the Participant’s death or Disability, a change in accounting practices of the
Company or its Affiliates, a reclassification, stock dividend, stock split or stock combination, or other event as provided in Section 13(f) hereof. Notwithstanding the foregoing, an Award subject to this Section 9 shall vest or be earned
no more rapidly than immediate vesting on the first anniversary of the Award grant date. 
 (c) Voting; Dividends.
Participants holding Performance Shares shall have no voting rights with respect to such Awards and shall have no dividend rights with respect to Shares subject to such Performances Shares other than as the Committee so provides, in its discretion,
in an Award Agreement; provided, that, any such dividends shall be subject to such restrictions and conditions as the Committee may establish with respect to the Performance Shares and shall be payable only at the same time as the underlying
Performance Shares may become earned, vested, and payable. 

  
 13 

 10. Restricted Stock and Restricted Stock Unit Awards. 

(a) Grant. A Restricted Stock Award is an Award of actual Shares, and a Restricted Stock Unit Award is an Award of Units
having a value equal to the Fair Market Value of an identical number of Shares. All or any part of any Restricted Stock or Restricted Stock Unit Award may be subject to such conditions and restrictions as may be established by the Committee, and set
forth in the applicable Award Agreement, which may include, but are not limited to, Continuous Service requirements, a requirement that a Participant pay a purchase price for such Award, the achievement of specific performance goals, and/or
applicable securities laws restrictions. Subject to the restrictions set forth in the Agreement, during any period during which an Award of Restricted Stock or Restricted Stock Units is restricted and subject to a substantial risk of forfeiture,
(i) Participants holding Restricted Stock Awards may exercise full voting rights with respect to such Shares and shall be entitled to receive all dividends and other distributions paid with respect to such Shares while they are so restricted
and (ii) Participants holding Restricted Stock Units shall have no dividend rights with respect to Shares subject to such Restricted Stock Units other than as the Committee so provides, in its discretion, in an Award Agreement, and shall have
no voting rights with respect to such Awards. Any dividends or dividend equivalents may be paid currently or may be credited to a Participant’s account and may be subject to such restrictions and conditions as the Committee may establish. If
the Committee determines that Restricted Stock shall be held by the Company or in escrow rather than delivered to the Participant pending the release of the applicable restrictions, the Committee may require the Participant to execute and deliver to
the Company an escrow agreement satisfactory to the Committee, if applicable, and an appropriate blank stock power with respect to the Restricted Stock covered by such agreement. 

(b) Restrictions. 

(i) Restricted Stock awarded to a Participant shall be subject to the following restrictions until the expiration of the period
during which the Award is restricted, and to such other terms and conditions as may be set forth in the applicable Award Agreement: (A) if an escrow arrangement is used, the Participant shall not be entitled to delivery of the stock
certificate; (B) the Shares shall be subject to the restrictions on transferability set forth in the Award Agreement; (C) the Shares shall be subject to forfeiture for such period and subject to satisfaction of any applicable performance
goals during such period, to the extent provided in the applicable Award Agreement; and (D) to the extent such Shares are forfeited, the stock certificates, if any, shall be returned to the Company, and all rights of the Participant to such
Shares and as a shareholder with respect to such shares shall terminate without further obligation on the part of the Company. 

  
 14 

 (ii) Restricted Stock Units awarded to any Participant shall be subject to
(A) forfeiture until the expiration of the period during which the Award is restricted, and the satisfaction of any applicable performance goals during such period, to the extent provided in the applicable Award Agreement, and to the extent
such Restricted Stock Units are forfeited, all rights of the Participant to such Restricted Stock Units shall terminate without further obligation on the part of the Company and (B) such other terms and conditions as may be set forth in the
applicable Award Agreement. 
 (iii) The Committee shall have the authority to remove any or all of the restrictions on the
Restricted Stock and Restricted Stock Units whenever it may determine that, by reason of changes in applicable laws or other changes in circumstances arising after the date the Restricted Stock or Restricted Stock Units are granted, such action is
appropriate. 
 (c) Restricted Period. An Award of Restricted Stock or Restricted Stock Units that vests solely on the
basis of the passage of time (and not on the basis of any performance standards) shall not vest more rapidly than immediate vesting on the first anniversary of the Award grant date. In the case of a Restricted Stock or Restricted Stock Units Award
that vests based on performance standards, such Award shall not vest more rapidly than immediate vesting on the first anniversary of the Award grant date. Notwithstanding the foregoing, the vesting of a Restricted Stock or Restricted Stock Units
Award may be accelerated upon the occurrence of certain events as provided in the Award Agreement. Each certificate representing Restricted Stock awarded under the Plan shall bear a legend in such form as the Company deems appropriate. 

11. Other Awards. The Committee may from time to time grant Other Awards under this Plan, including without limitation those Awards
pursuant to which a cash bonus award may be made or pursuant to which Shares may be acquired in the future, such as Awards denominated in Stock, Stock Units, securities convertible into Stock and phantom securities. The Committee, in its sole
discretion, shall determine, and provide in the applicable Agreement for, the terms and conditions of such Awards provided that such Awards shall not be inconsistent with the terms and purposes of this Plan. The Committee may, in its sole
discretion, direct the Company to issue Shares subject to restrictive legends and/or stop transfer instructions which are consistent with the terms and conditions of the Award to which such Shares relate. In addition, the Committee may, in its sole
discretion, issue such Other Awards subject to the performance criteria under Section 12 hereof. 
 12. Performance-Based Awards.

 (a) Application. Notwithstanding any other provision of the Plan, the Committee may provide, in its discretion,
that an Award granted to any Participant is subject to this Section 12, to the extent the Committee deems appropriate. 

(b) Performance Goals. Awards under the Plan may be made subject to the achievement of Performance Criteria, which shall
be performance goals established by the Committee relating to one or more business criteria as determined in the sole discretion of the Committee. 

  
 15 

 (c) Adjustment of Payment. The applicable Agreement may permit an
acceleration of the Performance Period and an adjustment of performance targets and payments with respect to some or all of the performance-based Award(s) awarded to a Participant, upon such terms and conditions as shall be set forth in the
Agreement, upon the occurrence of certain events, which may, but need not, include without limitation a Fundamental Change, the Participant’s death or Disability, a change in accounting practices of the Company or its Affiliates, a
reclassification, stock dividend, stock split or stock combination, or other event as provided in Section 13(f) hereof. 

(d) Other Restrictions. The Committee shall have the power to impose such other restrictions on Awards subject to this
Section 12 as it may deem necessary or appropriate. 
 13. General Provisions. 

(a) Effective Date of this Plan. This Plan shall become effective as of May 19, 2014, provided that the Plan has been
approved by the shareholders of the Company within twelve (12) months after the date the Plan is adopted by the Board. 

(b) Duration of this Plan; Date of Grant. This Plan shall remain in effect for a term of ten years following the date on
which it is effective (i.e., until May 19, 2024) or until all Shares subject to the Plan shall have been purchased or acquired according to the Plan’s provisions, whichever occurs first, unless this Plan is sooner terminated pursuant to
Section 13(e) hereof. No Awards shall be granted pursuant to the Plan after such Plan termination or expiration, but outstanding Awards may extend beyond that date. The date and time of approval by the Committee of the granting of an Award
shall be considered the date and time at which such Award is made or granted, or such later effective date as determined by the Committee, notwithstanding the date of any Agreement with respect to such Award; provided, however, that the Committee
may grant Awards to persons who are about to become Non-Employee Directors, to be effective and deemed to be granted on the occurrence of certain specified contingencies, provided that such specified contingencies shall include, without limitation,
that such person becomes a Non-Employee Director. 
 (c) Right to Terminate Service. Nothing in this Plan or in any
Agreement shall confer upon any Participant the right to continue in the employment or other service of the Company or any Affiliate or affect any right which the Company or any Affiliate may have to terminate or modify the employment or other
service of the Participant with or without cause. 
 (d) Taxes. A Participant shall be solely responsible for any
applicable taxes (including, without limitation, income and excise taxes) and penalties, and any interest that accrues thereon, that he or she incurs in connection with the receipt, vesting, or exercise of any Award. As a condition to the delivery
of any Shares, cash or other 

  
 16 

 
securities or property pursuant to any Award or the lifting or lapse of restrictions on any Award, or in connection with any other event that gives rise to a federal or other governmental tax
withholding obligation on the part of the Company relating to an Award, (i) the Company may deduct or withhold (or cause to be deducted or withheld) from any payment or distribution to a Participant whether or not pursuant to the Plan
(including Shares otherwise deliverable), (ii) the Committee will be entitled to require that the Participant remit cash to the Company, or (iii) the Company may enter into any other suitable arrangements to withhold, in each case in an
amount sufficient in the opinion of the Company to satisfy such withholding obligation. Notwithstanding the foregoing, no Shares shall be withheld with a value exceeding the minimum amount of tax required to be withheld by law. 

(e) Amendment, Modification and Termination of this Plan. Except as provided in this Section 13(e), the Board may
at any time amend, modify, terminate or suspend this Plan. Except as provided in this Section 13(e), the Committee may at any time alter or amend any or all Agreements under this Plan to the extent permitted by law, in which event, the term
“Agreement” shall mean the Agreement as so amended. Any such alterations or amendments may be made unilaterally by the Committee, subject to the provisions of this Section 13(e), unless such amendments are deemed by the Committee to
be materially adverse to the Participant and are not required as a matter of law. Amendments are subject to approval of the shareholders of the Company only as required by applicable law or regulation, or if the amendment increases the total number
of shares available under this Plan, except as provided in Section 13(f). No termination, suspension or modification of this Plan may materially and adversely affect any right acquired by any Participant under an Award granted before the date
of termination, suspension or modification, unless otherwise provided in an Agreement or otherwise or required as a matter of law. It is conclusively presumed that any adjustment for changes in capitalization provided for in Sections 9(b), 12(c) or
13(f) hereof does not adversely affect any right of a Participant or other person under an Award. It is expressly contemplated that the Board may amend the Plan in any respect the Board deems necessary or advisable to provide eligible Non-Employee
Directors with the maximum benefits provided or to be provided without adverse tax consequences under the provisions of Section 409A of the Code and/or to bring the Plan and/or Awards granted under it into compliance therewith. 

(f) Adjustment for Changes in Capitalization. Appropriate adjustments in the aggregate number and type of securities
that may be issued, represented, and available for Awards under this Plan, in the limitations on the number and type of securities that may be issued to an individual Participant, in the number and type of securities and amount of cash subject to
Awards then outstanding, in the Option purchase price as to any outstanding Options, in the purchase price as to any outstanding Stock Appreciation Rights, and, subject to Sections 9(b) and 12(c) hereof, in outstanding Performance Shares and
performance-based Awards and payments with respect to outstanding Performance Shares and performance-based Awards, and comparable adjustments, if applicable, to any outstanding Other Award, automatically shall be made to give effect to adjustments
made in the number or type of Shares through a 

  
 17 

 
Fundamental Change, divestiture, distribution of assets to shareholders (other than ordinary cash dividends), reorganization, recapitalization, reclassification, stock dividend, stock split,
reverse stock split, stock combination or exchange, rights offering, spin-off or other relevant change, provided that fractional Shares shall be rounded down to the nearest whole Share. 

(g) Other Benefit and Compensation Programs. Payments and other benefits received by a participant under an Award shall
not be deemed a part of a Participant’s regular, recurring compensation for purposes of any termination, indemnity or severance pay laws and shall not be included in, nor have any effect on, the determination of benefits under any other
employee benefit plan, contract or similar arrangement provided by the Company or an Affiliate, unless expressly so provided by such other plan, contract or arrangement or the Committee determines that an Award or portion of an Award should be
included to reflect competitive compensation practices or to recognize that an Award has been made in lieu of a portion of competitive cash compensation. 

(h) Unfunded Plan. This Plan shall be unfunded and the Company shall not be required to segregate any assets that may at
any time be represented by Awards under this Plan. Neither the Company, its Affiliates, the Committee, nor the Board shall be deemed to be a trustee of any amounts to be paid under this Plan nor shall anything contained in this Plan or any action
taken pursuant to its provisions create or be construed to create a fiduciary relationship between the Company and/or its Affiliates, and a Participant or Successor. To the extent any person acquires a right to receive an Award under this Plan, such
right shall be no greater than the right of an unsecured general creditor of the Company. 
 (i) Limits of Liability.

 (i) Any liability of the Company to any Participant with respect to an Award shall be based solely upon
contractual obligations created by this Plan and the Agreement. 
 (ii) Except as may be required by law, neither the
Company nor any member or former member of the Board or the Committee, nor any other person participating (including participation pursuant to a delegation of authority under Section 3(c) hereof) in any determination of any question under this
Plan, or in the interpretation, administration or application of this Plan, shall have any liability to any party for any action taken, or not taken, in good faith under this Plan. 

(iii) To the full extent permitted by law, each member and former member of the Committee and each person to whom the
Committee delegates or has delegated authority under this Plan shall be entitled to indemnification by the Company against any loss, liability, judgment, damage, cost and reasonable expense incurred by such member, former member or other person by
reason of any action taken, failure to act or determination made in good faith under or with respect to this Plan. 

  
 18 

 (j) Compliance with Applicable Legal Requirements. The Company shall not
be required to issue or deliver a certificate for Shares distributable pursuant to this Plan unless the issuance of such certificate complies with all applicable legal requirements including, without limitation, compliance with the provisions of
applicable state securities laws, the Securities Act, the Exchange Act and the requirements of the exchanges, if any, on which the Company’s Shares may, at the time, be listed. 

(k) Deferrals and Settlements. The Committee may require or permit Participants to elect to defer the issuance of Shares
or the settlement of Awards in cash under such rules and procedures as it may establish under this Plan. It may also provide that deferred settlements include the payment or crediting of interest on the deferral amounts. 

(l) Acceleration. The Committee shall have the power to accelerate the time at which an Award may first be exercised or
the time during which an Award or any part thereof will vest in accordance with the Plan, notwithstanding the provisions in the Award stating the time at which it may first be exercised or the time during which it will vest. 

(m) Forfeiture. The Committee may specify in an Award Agreement that the Participant’s rights, payments and
benefits with respect to an Award shall be subject to reduction, cancellation, forfeiture or recoupment upon the occurrence of certain events, in addition to applicable vesting conditions of an Award. Such events may include, without limitation,
breach of non-competition, non-solicitation, confidentiality, or other restrictive covenants that are contained in the Award Agreement or otherwise applicable to the Participant, a termination of the Participant’s Continuous Service for Cause,
or other conduct by the Participant that is detrimental to the business or reputation of the Company and/or its Affiliates. 

(n) Clawback and Noncompete. Notwithstanding any other provisions of this Plan, any Award which is subject to recovery
under any law, government regulation, stock exchange listing requirement, or Company policy, will be subject to such deductions and clawback as may be required to be made pursuant to such law, government regulation or stock exchange listing
requirement, or any policy adopted by the Company whether pursuant to any such law, government regulation or stock exchange listing requirement or otherwise. In addition and notwithstanding any other provisions of this Plan, any Award shall be
subject to such noncompete provisions under the terms of the Award Agreement or any other agreement or policy adopted by the Company, including, without limitation, any such terms providing for immediate termination and forfeiture of an Award if and
when a Participant becomes an employee, agent or principal of a competitor without the express written consent of the Company. For the avoidance of doubt, the Committee may specify in an Agreement that the Participant’s rights, payments and
benefits with respect to an Award shall be subject to 

  
 19 

 
reduction, cancellation, forfeiture or recoupment upon the occurrence of certain events, in addition to applicable vesting conditions of an Award. Such events may include, without limitation,
breach of non-competition, non-solicitation, confidentiality, or other restrictive covenants that are contained in the Agreement or otherwise applicable to the Participant, a termination of the Participant’s service for Cause, or other conduct
by the Participant that is detrimental to the business or reputation of the Company and/or its Affiliates. 
 (o)
Sub-plans. The Committee may from time to time establish sub-plans under the Plan for purposes of satisfying blue sky, securities, tax or other laws of various jurisdictions in which the Company intends to grant Awards. Any sub-plans shall
contain such limitations and other terms and conditions as the Committee determines are necessary or desirable. All sub-plans shall be deemed a part of the Plan, but each sub-plan shall apply only to the Participants in the jurisdiction for which
the sub-plan was designed. 
 (p) Plan Headings. The headings in the Plan are for purposes of convenience only and are
not intended to define or limit the construction of the provisions hereof. 
 (q) Non-Uniform Treatment. The
Committee’s determinations under the Plan need not be uniform and may be made by it selectively among persons who are eligible to receive, or actually receive, Awards. Without limiting the generality of the foregoing, the Committee shall be
entitled to make non-uniform and selective determinations, amendments and adjustments and to enter into non-uniform and selective Award Agreements. 

14. Substitute Awards. Awards may be granted under this Plan from time to time in substitution for Awards held by employees or
directors of other corporations who are about to become Non-Employee Directors, or whose company for whom such individual provides services is about to become a Subsidiary of the Company, as the result of a merger or consolidation of the Company or
a Subsidiary of the Company with another corporation, the acquisition by the Company or a Subsidiary of the Company of all or substantially all the assets of another corporation or the acquisition by the Company or a Subsidiary of the Company of at
least 50% of the issued and outstanding stock of another corporation. The terms and conditions of the substitute Awards so granted may vary from the terms and conditions set forth in this Plan to such extent as the Board at the time of the grant may
deem appropriate to conform, in whole or in part, to the provisions of the Awards in substitution for which they are granted. 
 15.
Governing Law. To the extent that federal laws do not otherwise control, this Plan and all determinations made and actions taken pursuant to this Plan shall be governed by the laws of Missouri, without giving effect to principles of conflicts of
laws, and construed accordingly, except for those matters subject to the General Corporation Law of Delaware, which shall be governed by such law, without giving effect to principles of conflicts of laws, and construed accordingly. 

16. Severability. In the event any provision of this Plan shall be held illegal or invalid for any reason, the illegality or invalidity
shall not affect the remaining parts of this Plan, and this Plan shall be construed and enforced as if the illegal or invalid provision had not been included. 

  
 20 

 17. Section 409A. The Plan is intended to comply with Section 409A of the Code
to the extent subject thereto, and, accordingly, to the maximum extent permitted, the Plan shall be interpreted and administered to be in compliance therewith. Any payments that are due within the short-term deferral period as defined in
Section 409A of the Code shall not be treated as deferred compensation unless applicable laws require otherwise. Notwithstanding anything to the contrary in the Plan, to the extent required to avoid adverse tax consequences under
Section 409A of the Code, amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to the Plan during the six-month period immediately following the Participant’s termination of Continuous Service
shall instead be paid on the first payroll date after the six-month anniversary of the Participant’s separation from service (or the Participant’s death, if earlier). Notwithstanding the foregoing, neither the Company nor the Committee
shall have any obligation to take any action to prevent the assessment of any tax or penalty under Section 409A of the Code and neither the Company nor the Committee will have any liability to any Participant or otherwise for such tax or
penalty. 

  
 21EX-10.1

 Exhibit 10.1 

UNITED BANCORP, INC. 

SPECIAL SEVERANCE AGREEMENT 

THIS SPECIAL SEVERANCE AGREEMENT is made and entered into effective as of the 13th day of May, 2014 by and between United Bancorp,
Inc., an Ohio corporation (the “Company”) and Matthew F. Branstetter, an individual (the “Executive”). 
 W I T N E S
S E T H 
 WHEREAS, the Company recognizes that the possibility of a Change in Control (as hereinafter defined) of the Company
may exist and that such possibility, along with the uncertainty and questions which it may raise among management of the Company, may result in the departure or distraction of management personnel to the detriment of the Company and its
shareholders; and 
 WHEREAS, the Board of Directors of the Company (the “Board”) has determined that appropriate steps
should be taken to reinforce and encourage the continued attention and dedication of certain members of the Company’s management to their assigned duties in the face of potential circumstances arising from the possibility of a Change in Control
of the Company, although no such Change In Control is presently contemplated; 
 NOW, THEREFORE, in order to induce the Executive to
remain in the employ of the Company and in consideration of the agreement set forth in Section 2(ii) hereof, the Company agrees that the Executive shall receive the severance benefits set forth in this Agreement in the event of a Change in
Control of the Company and employment of the Executive (the “Employment”) is subsequently terminated under the circumstances more fully described below. 

1. Term of Agreement; Definition of Change in Control. This Agreement shall commence on the date hereof and shall continue in effect
through December 31, 2014; provided, however, that commencing January 1, 2015, and each January 1st thereafter, the term of this Agreement shall automatically be extended for one (1) additional year unless not later than
June 30th of 2015 and any year thereafter, the Company shall have given written notice to Executive that it does not wish to extend this Agreement; and provided further that, notwithstanding any such notice by the Company not to extend, this
Agreement shall continue in effect for a period of twenty-four (24) months beyond the term provided herein if a Change in Control of the Company shall have occurred during such term. For purposes of this Agreement, a “Change in
Control” shall have the meaning and be limited to the definition set forth in Exhibit A, attached hereto. 
 2. Change in
Control. (i) No benefits shall be payable hereunder unless there shall have been a Change in Control of the Company, and the Employment shall thereafter have been terminated in accordance with Section 3 below. 

 (ii) For purposes of this Agreement, a “Potential Change in Control of the Company”
shall be deemed to have occurred whenever (A) the Company enters into an agreement which provides for or contemplates a Change in Control of the Company; (B) any person (including the Company) publicly announces an intention to take or to
consider taking actions which, if consummated, would constitute a Change in Control of the Company; or (C) the Board adopts a resolution to the effect that a Potential Change in Control of the Company for purposes of this Agreement has
occurred. Executive agrees that, subject to the terms and conditions of this Agreement, in the event of a Potential Change in Control of the Company, he will remain in the employ of the Company for not less than one (1) year following the
initial occurrence of such a Potential Change in Control of the Company. 
 3. Termination Following Change in Control. In the event
of a Change in Control of the Company, the Executive shall be entitled to the benefits provided in Section 4 hereof upon subsequent termination of the Employment during the term of this Agreement unless such termination is (A) because of
Executive’s death or Retirement, (B) by the Company for Cause or Disability or (C) by Executive other than for Good Reason. 

(i) Disability; Retirement. If, as a result of incapacity due to physical or mental illness, the Executive shall have been absent from
duties with the Company on a full-time basis for six (6) consecutive months, and within thirty (30) days after written notice of termination is given, Executive shall not have returned to the full-time performance of duties, the Company
may terminate the Employment for “Disability.” Termination of the Employment based on “Retirement” shall mean termination in accordance with the Company’s retirement policy, as now existing or hereafter amended from time to
time, generally applicable to the Company’s salaried employees or in accordance with any retirement arrangement with respect to the Executive established with his consent. 

(ii) Cause. Termination by the Company of the Employment for “Cause” shall mean termination due to (A) the willful and
continued failure by the Executive substantially to perform Executive’s duties with the Company (other than any such failure resulting from incapacity due to physical or mental illness or any such actual or anticipated failure resulting from
termination for Good Reason), after a demand for substantial performance is delivered by the Board which specifically identifies the manner in which the Board believes that Executive’s duties have not been substantially performed, or
(B) the willful engaging by the Executive in conduct which is demonstrably and materially injurious to the Company. For purposes of this Section 3(ii), no act, or failure to act, shall be considered “willful” unless done, or
omitted to be done, not in good faith and without reasonable belief that such action or omission was in the best interest of the Company. 

(iii) Good Reason. The Executive shall be entitled to terminate employment for Good Reason. For purposes of this Agreement, “Good
Reason” shall, without express written consent, mean: 
 (A) the assignment of any duties inconsistent with Executive’s status as
an executive of the Company or a substantial alteration in the nature or status of responsibilities from those in effect immediately prior to a Change in Control of the Company; 

  
 2 

 (B) a reduction by the Company in Executive’s annual base salary as in effect on the date
hereof or as the same may be increased from time to time, except for across-the-board salary reductions similarly affecting all executives of the Company and all executives of any person in control of the Company; 

(C) the relocation of Executive’s offices to a location more than fifty (50) miles from their present location; 

(D) the failure by the Company to continue in effect any current compensation plan or program in which the Executive participates, or any
substitute plans adopted prior to the Change in Control, unless an equitable arrangement (embodied in an ongoing substitute or alternative plan) has been made with respect to each such plan in connection with the Change in Control of the Company, or
the failure by the Company to continue the Executive’s participation therein; 
 (E) the failure by the Company to continue to provide
benefits substantially similar to those enjoyed by Executive under any of the Company’s pension, life insurance, medical, health and accident, or disability plans in which the Executive was participating at the time of a Change in Control of
the Company, the taking of any action by the Company which would directly or indirectly materially reduce any of such benefits or deprive the Executive of any material fringe benefit enjoyed by the Executive at the time of the Change in Control of
the Company, or the failure by the Company to provide the number of paid vacation days on the basis of years of service with the Company in accordance with the Company’s normal vacation policy in effect at the time of the Change in Control; or

 (F) the failure of the Company to obtain a satisfactory agreement from any successor-in-interest to assume and agree to perform this
Agreement, as contemplated in Section 5 hereof. 
 (iv) Notice of Termination. Any purported termination by the Company or by
the Executive shall be communicated by written Notice of Termination to the other party hereto in accordance with Section 7 hereof. For purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall indicate the
specific termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for the termination of the Employment under the provision so indicated. 

(v) Date of Termination, Etc. “Date of Termination” shall mean: 

(A) if the Employment is terminated for Disability, thirty (30) days after Notice of Termination is given (provided that the Executive
shall not have returned to the performance of duties on a full-time basis during such thirty (30) day period); and 
 (B) if the
Employment is terminated pursuant to subsection (ii) or (iii) above or for any other reason, the date specified in the Notice of Termination (which, in the case of a termination pursuant to subsection (ii) above shall not be less than
thirty (30) days, and in the case of a termination pursuant to subsection (iii) above shall not be more than sixty (60) days, respectively, from the date such Notice of Termination is given);

  
 3 

 provided that if within thirty (30) days after any Notice of Termination is given, the party receiving such
notice of termination notifies the other party that a dispute exists concerning the termination, the Date of Termination shall be the date on which the dispute is finally determined, either by mutual written agreement of the parties, by a binding
arbitration award or by a final judgement, order or decree of a court of competent jurisdiction (the time for appeal therefrom having expired and no appeal having been perfected); and provided further that the Date of Termination shall be extended
by a notice of dispute only if such notice is given in good faith and the party giving such notice pursues the resolution of such dispute with reasonable diligence. Notwithstanding the pendency of any such dispute, the Company will continue to pay
full compensation in effect when the notice giving rise to the dispute was given (including, but not limited to, base salary) and maintain the Executive as a participant in all compensation, benefit and insurance plans in which the Executive was
participating when the notice giving rise to the dispute was given, until the dispute is finally resolved in accordance with this subsection. Amounts paid under this Section 3(v) are in addition to all other amounts due under this Agreement
and, except as provided in Section 4(v) below, shall not be offset against or reduce any other amounts due under this Agreement. 
 4.
Compensation Upon Termination or During Disability. 
 (i) During any period that the Executive fails to perform duties hereunder as a
result of incapacity due to physical or mental illness, he shall continue to receive full base salary at the rate then in effect and all compensation, including under the Company’s Annual Incentive Plan or any other bonus or compensation plan
or policy, paid during such period until this Agreement is terminated pursuant to Section 3(i) hereof. Thereafter, benefits shall be determined in accordance with the Company’s disability program then in effect. 

(ii) If the Executive retires pursuant to Section 3(i) hereof, this Agreement shall immediately terminate, and the Company shall have no
further obligations hereunder. 
 (iii) If the Employment is terminated for Cause, the Company shall pay Executive’s full base salary
through the Date of Termination at the rate in effect at the time Notice of Termination is given, and the Company shall have no further obligations hereunder. 

(iv) If the Employment is terminated (a) by the Company other than for Cause, Retirement or Disability or (b) for Good Reason, then
the Executive shall be entitled to the benefits provided below: 
 (A) the Company shall pay full base salary through the Date of
Termination at the rate currently in effect at the time Notice of Termination is given; 
 (B) in lieu of any further salary payments for
periods subsequent to the Date of Termination, the Company shall pay as severance pay (the “Severance Payment”), not later than the fifth day following the Date of Termination, a lump sum severance payment equal to 2.0 times the sum of
(i) Executive’s annual base salary in effect immediately prior to the occurrence of the circumstance giving rise to the Notice of Termination given in respect thereof and (ii) the 

  
 4 

 
amount of any bonus paid pursuant to the Annual Incentive Plan (or any similar plan for the payment of a cash bonus as the same may be in effect from time to time, collectively referred to
hereafter as the “Annual Incentive Plan”) in the year preceding that in which the Date of Termination occurs. The Severance Payment shall be reduced (but not increased), as appropriate, so as not to exceed the product of the (x) the
Severance Payment times (y) the quotient resulting from a numerator equal to the number of full months remaining to the Executive’s normal retirement date and a denominator of 24. 

(C) notwithstanding any provision of the Annual Incentive Plan, the Company shall pay, not later than the fifth day following the Date of
Termination, a lump sum amount equal to the sum of (i) any incentive compensation which has been allocated for the fiscal year preceding that in which the Date of Termination occurs but which has not yet been paid, and (ii) any award under
the Annual Incentive Plan which has not yet been paid for any period which has closed prior to the Date of Termination; and 
 (D) The
Company shall also pay all reasonable legal fees and expenses incurred by Executive as a result of the termination of the Employment (including all such fees and expenses, if any, incurred in contesting or disputing any such termination or in
seeking to obtain or enforce any right or benefit provided by this Agreement). 
 (v) The Executive shall not be required to mitigate the
amount of any payment provided for in this Section 4 by seeking other employment or otherwise, nor shall the amount of any payment or benefit provided for in this Section 4 be reduced by any compensation earned as the result of employment
by another employer or by retirement benefits after the Date of Termination, or otherwise. 
 (vi) In the event that any payment or benefit
(whether payable pursuant to the terms of this Agreement or otherwise) would not be deductible because of section 280G of the Internal Revenue Code of 1986 as amended (the “Code”), the aggregate amount payable hereunder shall be reduced,
so that after giving effect to such reduction, no payment made or benefit under the terms of this Agreement will not be deductible because of section 280G of the Code. In determining whether any payment under the terms of this Agreement would not be
deductible under section 280G of the Code, all present and future payments and benefits shall be included (and, in the case of stock option, other non-cash benefits or deferred cash payments, shall be valued by a national independent accounting firm
(at the Company’s expense) acceptable to the Executive in accordance with the principles of Sections 280G(d) (3) and (4) of the Code and any regulations promulgated thereunder) except payments and benefits which, in the written
opinion of independent tax counsel selected by a national independent accounting firm and acceptable to the Executive, do not constitute “parachute payments” within the meaning of section 280G(b) (2) of the Code. 

(vii) Notwithstanding the provisions of this Agreement providing for payment of benefits, if at the time a benefit would otherwise be payable,
Executive is a “specified executive” (as defined below), and the payment provided for would be deferred compensation with the meaning of section 409A of the Code, the distribution of the Executive’s benefit may not be made until six
months after the date of the Executive’s “separation from service” with the 

  
 5 

 
Company (as that term may be defined in section 409A(a)(2)(A)(i) of the Code and regulations promulgated thereunder), or, if earlier, the date of death of the Executive. This requirement
shall remain in effect only for periods in which the stock of the Company is publicly traded on an established securities market. For purposes of this subparagraph a “specified executive” shall mean any executive of the Company who is a
“key employee” of the Company within the meaning of section 416(i) of the Code. This shall include any employee who is (i) a 5-percent owner of the Company’s common stock; (ii) an officer of the Company with annual
compensation from the Company of $130,000.00 or more; or (iii) a 1-percent owner of Company’s common stock with annual compensation from the Company of $150,000.00 or more (or such higher annual limit as may be in effect for years
subsequent to 2005 pursuant to indexing Section 416(i) of the Code). The provisions of this subparagraph have been adopted only in order to comply with the requirements added by section 409A of the Code. These provisions shall be
interpreted and administered in a manner consistent with the requirements of section 409A of the Code, together with any regulations or other guidance which may be published by the Treasury Department or Internal Revenue Service interpreting
such section 409A of the Code. 
 5. Successors; Binding Agreement. (i) The Company will require any successor (whether
direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the
Company would be required to perform it if no such succession had taken place. Failure of the Company to obtain such assumption and agreement prior to the effectiveness of any such succession shall be a breach of this Agreement and shall entitle the
Executive to compensation from the Company in the same amount and on the same terms as the Executive would have been entitled hereunder if employment is terminated for Good Reason, except that for purposes of implementing the foregoing, the date on
which any such succession becomes effective shall be deemed the Date of Termination. As used in this Agreement, “Company” shall mean the Company as hereinbefore defined and any successor-in-interest to its business or assets as aforesaid
which assumes and agrees to perform this Agreement by operation of law, or otherwise. 
 (ii) This Agreement shall inure to the benefit of
and be enforceable by the Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. 

6. IRC 409A Savings Clause. The provisions of this agreement are intended to comply with all of the provisions and requirements
applicable to deferred compensation arrangements under section 409A of the Code and any regulations issued thereunder. Any provision contained herein determined to be inconsistent with the requirements of section 409A of the Code shall be
disregarded so as to cause the Agreement to comply in all respects with the applicable provisions of section 409A of the Code. The Company shall have the authority to cause this Agreement to be interpreted and administered in a manner consistent
with the requirements of section 409A of the Code, together with any regulations or other guidance which may be published by the Treasury Department or Internal Revenue Service interpreting such section 409A of the Code. 

  
 6 

 7. Notice. For the purpose of this Agreement, all notices and all other communications
provided for in the Agreement shall be in writing and shall be deemed to have been duly given when delivered or mailed by United States registered or certified mail, return receipt requested, postage prepaid. 

8. Miscellaneous. No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is
agreed to in writing and signed by the Executive and such officer of the Company as may be specifically designated by the Board. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State
of Ohio applicable to instruments under seal. 
 9. Validity. The invalidity or unenforceability of any provision of this Agreement
shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect. 

10. Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of
which together will constitute one and the same instrument. 
 11. Arbitration. Any dispute or controversy arising under or in
connection with this Agreement shall be settled exclusively by arbitration in accordance with the rules of the American Arbitration Association then in effect. The arbitration shall occur in Martins Ferry, Ohio, or such other place as mutually
agreed upon. The prevailing party shall be entitled to recover any and all costs associated with any arbitration proceeding (and any subsequent proceeding to enforce rights thereunder) including the recovery of reasonable attorneys fees. Judgment on
the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof. 
 IN WITNESS WHEREOF, the Company
has caused this Agreement to be executed and its corporate seal to be hereunder affixed on the day and year first above written and the Executive has hereunto set his hand and seal on the day and year specified. 

 

									
	UNITED BANCORP, INC	 		 	EXECUTIVE
					
	By:	 	/s/ Scott A. Everson	 		 	By:	 	/s/ Matthew F. Branstetter
	Name:	 	Scott A. Everson	 		 	Name:	 	Matthew F. Branstetter
	Title:	 	President and CEO	 		 	Title:	 	Senior Vice President and COO

  
 7 

 Exhibit A 

Change in Control Definition 
 A “Change in
Control” shall mean a “Change in Ownership” as defined in (a) hereof; a “Change in Effective Control” as defined in (b), hereof; or a “Change in Ownership of a Substantial Portion of Assets” as defined in
(c) hereof. 
  

	 	(a)	Change in Ownership. For purposes of this Agreement, a Change in Ownership of the Company occurs on the date that any one person, or more than one person acting as a group (as defined in subsection
(d) hereof), acquires ownership of stock of the Company that, together with stock held by such person or group, constitutes more than 50 percent of the total fair market value or total voting power of the stock of the Company. However, if
any one person, or more than one person acting as a group, is considered to own more than 50 percent of the total fair market value or total voting power of the stock of the Company, the acquisition of additional stock by the same person or
persons is not considered to cause a Change in Ownership of the Company (or to cause a Change in Effective Control of the Company within the meaning of subsection (b) hereof). An increase in the percentage of stock owned by any one person, or
persons acting as a group, as a result of a transaction in which the Company acquires its stock in exchange for property will be treated as an acquisition of stock for purposes of this section. 

 

	 	(b)	Change in Effective Control. For purposes of this Agreement, a Change in Effective Control of the Company occurs on the date that either: 

 

	 	(i)	Any one person, or more than one person acting as a group (as determined under subsection (d) hereof), acquires (or has acquired during the 12-month period ending on the date
of the most recent acquisition by such person or persons) ownership of stock of the Company possessing 35 percent or more of the total voting power of the stock of the Company; or 

 

	 	(ii)	a majority of members of the Company’s Board of Directors is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of
the members of the Company’s Board of Directors prior to the date of the appointment or election. 

 In the absence of an
event described in Section (b)(i) or (ii) above, a change in the effective control of a Company will not have occurred. 
  

	 	(c)	Change in Ownership of a Substantial Portion of the Company’s Assets. For purposes of this Agreement, a Change in Ownership of a Substantial Portion of the Company’s Assets occurs on the date that any
one person, or more than one person acting as a group (as determined in subsection(d) hereof), acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such
person or persons) assets from the Company that have a total gross fair market value equal to or more than 40 percent of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or
acquisitions. For this purpose, gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets. 

There is no Change in Control Event under this subsection (c) when there is a transfer to an entity that is controlled by the shareholders
of the Company immediately after the transfer, as provided in this paragraph. A transfer of assets by the Company is not treated as a change in the ownership of such assets if the assets are transferred to: 

 

	 	(i)	A shareholder of the Company (immediately before the asset transfer) in exchange for or with respect to its stock; 

  
 8 

	 	(ii)	An entity, 50 percent or more of the total value or voting power of which is owned, directly or indirectly, by the Company; 

  

	 	(iii)	A person, or more than one person acting as a group, that owns, directly or indirectly, 50 percent or more of the total value or voting power of all the outstanding stock of the Company; or 

 

	 	(iv)	An entity, at least 50 percent of the total value or voting power of which is owned, directly or indirectly, by a person described in subsection (c)(iii) hereof. 

For purposes of this subsection (c) and except as otherwise provided, a person’s status is determined immediately after the transfer of
the assets. For example, a transfer to a corporation in which the transferor corporation has no ownership interest before the transaction, but which is a majority-owned subsidiary of the transferor corporation after the transaction is not treated as
a change in the ownership of the assets of the transferor corporation. 
  

	 	(d)	Persons Acting as a Group. Persons will not be considered to be acting as a group solely because they purchase assets or purchase or own stock of the same corporation at the same time, or as a result of the same
public offering. However, persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase or acquisition of stock, purchase or acquisition of assets, or similar business
transaction with the Company. If a person, including an entity shareholder, owns stock in both corporations that enter into a merger, consolidation, purchase or acquisition of stock, or similar transaction, such shareholder is considered to be
acting as a group with other shareholders in a corporation only to the extent of the ownership in that corporation prior to the transaction giving rise to the change and not with the ownership interest in the other corporation. 

Notwithstanding the forgoing no Change in Control shall be deemed to have occurred if such Change in Control does not constitute a permitted
distribution event for deferred compensation arrangements, as defined by section 409A of the Internal Revenue Code of 1986, as amended and any Treasury Regulations issued thereunder. 

  
 9

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