Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On July 19, 2022, the Company's Board of Directors appointed Klint D. Manz, age
38, to the positions of Chief Financial Officer of United Bancshares, Inc. (the
"Company") and The Union Bank Company. This appointment is set to go into effect
on July 19, 2022.
Mr. Manz earned his Bachelor of Business Administration in Accounting and his
Masters of Science in Accounting from The University of Toledo, Toledo, Ohio.
Mr. Manz served as a Staff Accountant, Senior Accountant,
Commercial/Agricultural Lender, Profitability Manager and Assistant Controller
for First Federal Bank of the Midwest from 2006 to 2019. Mr. Manz accepted the
position of Commercial Loan Product Manager in 2019 with The Union Bank Company
and has served in the role of Chief Lending Officer since 2021.
Mr. Manz current base salary is $162,500 per year and will also be eligible for
discretionary annual cash bonuses, stock option awards under the Company's 2016
Stock Option Plan, and discretionary and matching contributions to the Company's
Employee Stock Ownership Plan. He will also be entitled to receive other
employee benefits generally available to all employees of the Company and the
Bank, including participation in medical plans and the Company's Employee Stock
Purchase Plan. Mr. Manz has no family relationship with any director or
executive officer of the Company or any of its affiliated subsidiaries, and he
does not currently serve on the board of directors with any other company having
shares publicly registered with the Securities and Exchange Commission.
Mr. Manz has no family relationship with any director or executive officer of
the Company or any of its affiliated subsidiaries. Since the beginning of the
Company's last fiscal year, neither Mr. Manz nor any member of his immediate
family have had transactions in excess of $120,000 with the Company or any of
its affiliated subsidiaries which would be reportable under Item 404(a) of SEC
Regulation S-K, other than loans made by the Bank in its ordinary course of
business and on substantially the same terms, including interest rates and
collateral, as those prevailing at the time for comparable transactions with
unrelated persons, and such loans did not involve more than the normal risk of
collectability or present other unfavorable features.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
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UNITED BANCSHARES, INC. 
