UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Item 5.04 |
Temporary Suspension of Trading Under Registrant’s Employee Benefit Plans. |
First US Bancshares, Inc. (Nasdaq: FUSB) (the “Company”) previously sent a notice to the participants in the First US Bancshares, Inc. 401(k) Plan (the “401(k) Plan”) informing them that, due to a change in the trustee and record keeper of the 401(k) Plan, there would be a “blackout period” applicable to the 401(k) Plan that would begin following the closing of trading on September 22, 2022, and was expected to end during the week of October 16, 2022. During the blackout period, the participants would not have access to their accounts for distributions or investment changes, including investment changes involving the Company’s common stock held in the 401(k) Plan. On September 6, 2022, the Company sent a notice (the “Original Notice”) to its directors and officers informing them that they would be subject to significant restrictions on their ability to trade in the Company’s common stock during the blackout period applicable to the 401(k) Plan. The Original Notice informed the directors and officers that, pursuant to Section 306(a) of the Sarbanes-Oxley Act of 2002 and the SEC’s rules promulgated thereunder, subject to certain exceptions, they were prohibited from purchasing or selling certain shares of the Company’s common stock during the blackout period.
Due to delays in the transfer of funds and records to the new trustee and record keeper of the 401(k) Plan arising from circumstances beyond the Company’s control, the blackout period must be extended and is now expected to end during the week of October 30, 2022. Accordingly, on October 20, 2022, the Company sent an updated notice to the 401(k) Plan participants informing them of the extension of the blackout period. Additionally, on October 20, 2022, the Company sent an updated notice (the “Updated Notice”) to its directors and officers informing them that the blackout period had been extended beyond the expected termination date set forth in the Original Notice.
A copy of the Updated Notice is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01 |
Financial Statements and Exhibits. |
(d) |
Exhibits. |
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Exhibit Number |
Exhibit |
99.1 |
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104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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 hereunto duly authorized.
Dated: October 20, 2022 |
FIRST US BANCSHARES, INC. |
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By: |
/s/ Thomas S. Elley |
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Name: |
Thomas S. Elley |
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Senior Executive Vice President, Treasurer and Assistant Secretary, |
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Chief Financial Officer and Principal Accounting Officer |