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USBI > SEC Filings for USBI > Form 8-K on 22-May-2013All Recent SEC Filings

Show all filings for UNITED SECURITY BANCSHARES INC | Request a Trial to NEW EDGAR Online Pro



Change in Directors or Principal Officers, Financial Statements an

Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

As previously reported, at the Annual Meeting of Shareholders of United Security Bancshares, Inc. (the "Company") on May 16, 2013, the shareholders of the Company approved the United Security Bancshares, Inc. 2013 Incentive Plan (the "2013 Incentive Plan"). The Board of Directors of the Company previously approved the 2013 Incentive Plan, subject to shareholder approval. The 2013 Incentive Plan provides for the grant of incentive and nonqualified stock options, stock appreciation rights, awards of restricted stock and restricted stock units and performance compensation awards, including performance-based cash bonuses, to employees, non-employee directors and certain consultants of the Company and its affiliates, including First United Security Bank. A total of 600,000 shares of the Company's common stock are reserved for issuance under the 2013 Incentive Plan. Except as may otherwise be determined by the Board of Directors, the 2013 Incentive Plan will be administered by the Compensation Committee of the Board of Directors, which committee shall have the authority to, among other things, grant awards under the 2013 Incentive Plan and prescribe the terms and conditions of such awards. Persons eligible to participate in the 2013 Incentive Plan include all members of the Board of Directors of the Company (comprised of eleven persons), all employees, including officers, of the Company and its affiliates (currently approximately 290 persons) and any consultants of the Company and its affiliates. No determinations have been made to date with respect to the types or amounts of awards that may be granted to specific individuals pursuant to the 2013 Incentive Plan.

The foregoing summary of the 2013 Incentive Plan is qualified in its entirety by reference to the full text of the 2013 Incentive Plan, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference. A more detailed summary can also be found in the Company's Definitive Proxy Statement filed with the Securities and Exchange Commission on April 3, 2013.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No. Exhibit

10.1 United Security Bancshares, Inc. 2013 Incentive Plan

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