Item 5.02 Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers
On December 15, 2022, the Board of Directors of Consumers Bancorp, Inc. (the
"Company") approved the appointment of Ann Gano as a Class III director,
effective January 1, 2023. As with all Company non-employee directors, Ms. Gano
was also appointed as a director of the Company's wholly owned subsidiary,
Consumers National Bank (the "Bank"), effective January 1, 2023.
Ms. Gano was appointed to serve on the Audit and Risk & Technology Committees of
the Company's board of directors. She will be entitled to the customary
compensation arrangements for the Bank's non-employee directors, consisting of
(i) a quarterly retainer of $5,000, (ii) $1,000 for each board of directors
meeting attended, and (iii) $200 for each Audit and Risk & Technology Committee
meeting attended. In addition, Ms. Gano will be eligible to receive stock awards
if certain specified performance targets as established by the Compensation
Committee of the Company's board of directors are achieved.
There are no arrangements or understandings between Ms. Gano and any other
person pursuant to which she was appointed to serve on Consumers Bancorp, Inc.'s
or Consumers National Bank's Boards. Ms. Gano does not have a direct or indirect
material interest in any transaction required to be disclosed pursuant to Item
404(a) of Regulation S-K. Her election is subject to our customary background
checks.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit No. Description
99.1 Press Release dated December 20, 2022
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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