KENTUCKY BANCSHARES, INC. (OTCMKTS:KTYB) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(d) Effective December 18, 2019, the Board of Directors of Kentucky Bancshares, Inc. (the “Company”) appointed Shannon Bishop Arvin to serve as a director, with a term expiring at the Company’s Annual Meeting of Shareholders for the year 2020. There are no agreements or understandings between Mrs. Arvin and any other person to which she was appointed to the Board. Neither Mrs. Arvin nor her immediate family has been a party to any transaction required to be disclosed under Item 404(a) of Regulation S-K.
In connection with Mrs. Arvin’s appointment to and service on the Board and consistent with the compensation arrangements for non-employee directors as further described under the heading “Director Compensation” in the Company’s 2019 Proxy Statement filed with the United States Securities and Exchange Commission on April 15, 2019, Mrs. Arvin will receive annual cash compensation and equity-based compensation for her service on the Board. The value of the cash compensation and equity award will be adjusted to reflect pro ration for the period between December 18, 2019 and the 2020 Annual Meeting of Shareholders.
Mrs. Arvin has also been appointed to the Board of Directors of the Bank effective December 18, 2019.
About KENTUCKY BANCSHARES, INC. (OTCMKTS:KTYB)
Kentucky Bancshares Inc. is a bank holding company. The Company conducts its business in the Commonwealth of Kentucky through its banking subsidiary, Kentucky Bank (the Bank), and its non-bank subsidiary, KBI Insurance Company. It operates through the banking segment. The Bank is a commercial bank and trust company. The Bank is engaged in general full-service commercial and consumer banking. KBI Insurance Company is a captive insurance subsidiary. Kentucky Bank offers its customers a range of other services, including checking, savings, money market accounts, certificates of deposits, safe deposit facilities, credit cards and other consumer-oriented financial services. The Bank offers Internet banking, including bill payment, available to its customers at www.kybank.com. Through its Wealth Management Department, Kentucky Bank provides brokerage services, annuities, life and long-term care insurance, personal trust and agency services (including management agency services).
