UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K/A
AMENDED CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
JANUARY 10, 2007
(Date of Report (Date of Earliest Event Reported))
UNITED BANCORP, INC.
(Exact name of registrant as specified in its charter)
MICHIGAN 0-16640 38-2606280
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(State or other jurisdiction Commission (I.R.S. Employer Identification No.)
of incorporation or organization) File Number
205 E. CHICAGO BOULEVARD, TECUMSEH, MI 49286
(Address of principal executive offices)
(517) 423-8373
(Registrant's telephone number including area code)
NOT APPLICABLE
Former name or former address, if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligations of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
EXPLANATION
We are hereby amending the Form 8-K filed by the Company on January 11, 2007 to
also include the disclosures under Item 5.02 (e).
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
AND
ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS;
APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.
(e) EMPLOYMENT CONTRACTS
On January 10, 2007, the Board of Directors of United Bancorp, Inc. approved
employment contracts for 2007 and bonuses for 2006 for its executive officers.
The employment contracts include the following provisions:
1. Term of contracts is twelve months
2. Termination for cause results in compensation paid to the date of
termination.
3. Unless terminated for cause by mutual agreement, any other termination
provides for continuation of salary for six months, which shall cease,
however, if the employee secures employment sooner.
4. In the event of change in control, if the employee is terminated or leaves
on his own accord within twelve months of the date of change in control,
the employee will receive continuation of salary for twelve months.
5. Confidential information is the property of the Company.
6. The terminated employee is prohibited from soliciting employees or clients
of the Company or subsidiary banks for one year following termination.
7. Provides a non-compete clause within the subsidiary bank CRA areas for a
term of one year.
8. Disputes will be resolved by arbitration.
These terms are unchanged from prior years. 2006 bonus and 2007 salary amounts
are set forth in the table below.
2006 2007
NAME AND POSITION BONUS SALARY
Robert K. Chapman, President & Chief Executive Officer $140,337 $250,000
Randal J. Rabe, Executive Vice President; President and Chief Executive Officer of 94,126 190,000
United Bank & Trust
Todd C. Clark, Executive Vice President; President and Chief Banking Officer of 69,242 170,000
United Bank & Trust - Washtenaw
Dale L. Chadderdon, Executive Vice President & Chief Financial Officer 62,763 138,600
Gary D. Haapala, Executive Vice President; Executive Vice President - Wealth 32,765 167,000
Management Group, United Bank & Trust
Thomas C. Gannon, Senior Vice President - Human Resources & Communication 37,350 105,500
Jamice W. Guise, Senior Vice President and Chief Marketing Officer 33,633 95,000
John A. Odenweller, Senior Vice President - Operations & Technology 36,103 100,000
Discretionary bonuses are based on individual contributions to performance as
measured by subjective and quantitative evaluations. The calculation of share of
profits to be distributed to the plan participants is constructed to provide
awards consistent with the increase in profits as measured by return on equity,
and is subject to change with the approval of the Board of Directors. The bonus
amounts above may also include payments previously deferred under the former
Management Committee Deferred Bonus Plan.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS
(C) EXHIBITS
The exhibits listed below were previously included in the Form 8-K filed by the
Company on January 11, 2007, and are incorporated herein by reference.
10.1. Employment Agreement effective January 1, 2007, between United Bancorp,
Inc. and Robert K. Chapman
10.2. Employment Agreement effective January 1, 2007, between United Bancorp,
Inc. and Randal J. Rabe
10.3. Employment Agreement effective January 1, 2007, between United Bancorp,
Inc. and Dale L. Chadderdon
10.4. Employment Agreement effective January 1, 2007, between United Bancorp,
Inc. and Todd C. Clark
10.5. Employment Agreement effective January 1, 2007, between United Bancorp,
Inc. and Gary D. Haapala
10.6. Employment Agreement effective January 1, 2007, between United Bancorp,
Inc. and Thomas C. Gannon
10.7. Employment Agreement effective January 1, 2007, between United Bancorp,
Inc. and Jamice W. Guise
10.8. Employment Agreement effective January 1, 2007, between United Bancorp,
Inc. and John A. Odenweller
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
UNITED BANCORP, INC.
(Registrant)
Date: January 12, 2007 By: /s/ Dale L. Chadderdon
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(Principal Financial Officer)
Executive Vice President & Chief Financial Officer