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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;"><b>Registration No. 333-______</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Washington, D.C. 20549</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>FORM S-8</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>REGISTRATION STATEMENT</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>UNDER</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>THE SECURITIES ACT OF 1933</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>United Bancshares, Inc.</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><i>&nbsp;</i><i>(Exact name of registrant as specified in its charter)</i></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>

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			<td style="width: 4%;">&nbsp;</td>
			<td style="width: 32%; text-align: center; border-bottom: thin solid rgb(0, 0, 0);"><b>Ohio</b></td>
			<td style="width: 28%;">&nbsp;</td>
			<td style="width: 32%; text-align: center; border-bottom: thin solid rgb(0, 0, 0);"><b>3</b><b>4-1516518</b></td>
			<td style="width: 4%;">&nbsp;</td>
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			<p style="margin: 0; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt"><i>(State or other jurisdiction of</i></p>

			<p style="margin: 0; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt"><i>incorporation or organization)</i></p>
			</td>
			<td style="width: 28%;">&nbsp;</td>
			<td style="width: 32%; text-align: center; vertical-align: top;"><b>(</b><i>I.R.S. Employer Identification No.)</i></td>
			<td style="width: 4%;">&nbsp;</td>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>105 Progressive Drive, Columbus, Ohio</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Columbus Grove, Ohio 45830-1241</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>(</b><b>419) 659-2141</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;(Address, including Zip Code, and telephone number, including area code, of registrant's principal executive offices)</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>UNITED BANCSHARES, INC. 2016 STOCK OPTION</b><b> </b><b>PLAN</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Full title of the Plan)</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Brian D. Young, President and Chief </b><b>Executive</b><b> Officer </b><b>United Bancshares, Inc.</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>105 Progressive Drive, Columbus, Ohio</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Columbus Grove, Ohio 45830-1241</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>(419) 659-2141</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>&nbsp;</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;(Name, address, including Zip Code and telephone number, including area code, of agent for service)</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><i><b>&nbsp;</b></i></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><i><b>COPIES OF COMMUNICATIONS TO:</b></i></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Martin D. Werner, Esq.</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Shumaker, Loop &amp; Kendrick, LLP</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>1000 Jackson</b><b> Street</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Toledo, Ohio 43604</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Phone: (419) 321-1395</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Fax: (419) 241-6894</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller reporting company,&#8221; and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Exchange Act. (Check one)</p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Large&nbsp;accelerated&nbsp;filer</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#9744;</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Accelerated&nbsp;filer</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#9744;</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Non-accelerated filer</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#9746;</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;&nbsp;</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Smaller&nbsp;reporting&nbsp;company</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#9746;</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Emerging&nbsp;growth&nbsp;company</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#9744;</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;&nbsp;</p>
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			<td style="vertical-align: bottom; width: 19%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 2%;">&nbsp;</td>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;7(a)(2)(B) of the Securities Act.&nbsp;&nbsp;&#9744;</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>CALCULATION OF REGISTRATION FEE </b></p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Title of Securities<br>
			to be Registered</b></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Amount</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>to be</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>registered</b></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Proposed</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>maximum</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>aggregate</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>offering&nbsp;price</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>per share</b><b>(2)</b></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Proposed</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>maximum</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>aggregate</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>offering price</b><b>(2)</b></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Amount of<br>
			Registration Fee</b></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:12pt;margin-right:0pt;margin-top:0pt;text-align:left;text-indent:-12pt;">Common Stock, no par value</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">250,000 (1)</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">$24.68</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">$6,170,000.00</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align: bottom; width: 13%; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">$673.15</p>
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			<td style="width:18pt;">&nbsp;</td>
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			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; margin: 0pt; text-align: justify; font-size: 10pt;"><sup style="vertical-align:top;line-height:120%;font-size:pt">(1)</sup></p>
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			<p style="font-family:'Times New Roman', Times, serif;margin-right:36pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">This registration statement covers 250,000 shares of the common stock of United Bancshares, Inc. which may be issued to eligible employees under the terms of the United Bancshares, Inc., 2016 Stock Option Plan (the &#8220;Plan&#8221;).</p>
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			<td style="width:18pt;">&nbsp;</td>
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			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; margin: 0pt; text-align: justify; font-size: 10pt;"><sup style="vertical-align:top;line-height:120%;font-size:pt">(2)</sup></p>
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			<p style="font-family:'Times New Roman', Times, serif;margin-right:36pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">Estimated solely for purposes of calculating the registration fee in accordance with Rule 457(c) and (h) under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), the proposed offering price is based on the average of the high and low prices for shares of common stock reported on December 4, 2020.</p>
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			<p style="font-family: Times New Roman; font-size: 12pt; margin: 0pt; text-align: left;"><b>Part&nbsp;I</b></p>
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			<p style="font-family: Times New Roman; font-size: 12pt; margin: 0pt; text-align: left;"><b>Information Required in the Section 10(a) Prospectus. </b></p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:24.5pt;">The documents containing the information specified in this Part I will be sent or given to participants as specified by Rule 428(b)(1). Such documents need not be filed with the Commission either as part of this registration statement or as prospectuses or prospectus supplements pursuant to Rule 424. These documents and the documents incorporated by reference in the registration statement pursuant to Item 3 of Part II of this Form, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act. <i>See</i> Rule 428(a)(1).</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>PART II</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

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		<tr style="font-family: Times New Roman; font-size: 12pt;">
			<td style="vertical-align: top; width: 9%; font-family: Times New Roman; font-size: 12pt;"><b>Part II&nbsp;</b></td>
			<td style="vertical-align: top; width: 91%; font-family: Times New Roman; font-size: 12pt;"><b>Information Required in the Registration Statement.</b></td>
		</tr>

</table>

<p style="margin: 0; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt">&nbsp;</p>

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		<tr>
			<td style="vertical-align: top; width: 6%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Item&nbsp;3.</p>
			</td>
			<td style="vertical-align: top; width: 94%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><u>Incorporation of Documents by Reference</u>.</p>
			</td>
		</tr>

</table>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:24.5pt;">The following documents, as filed with the Commission pursuant to the Securities Exchange Act of 1934, as amended, are incorporated herein by reference and made a part hereof:</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

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			<td style="vertical-align: middle; width: 3%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align: top; width: 3%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">(a)</p>
			</td>
			<td style="vertical-align: top; width: 94%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><a href="http://www.sec.gov/Archives/edgar/data/1087456/000143774920004521/uboh20191231_10k.htm" style="-sec-extract:exhibit;">the Registrant&#8217;s Annual Report on Form 10-K for the fiscal year ended December&nbsp;31, 2019</a> and its <a href="http://www.sec.gov/Archives/edgar/data/1087456/000143774920010101/uboh20200331b_10q.htm" style="-sec-extract:exhibit;">Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020,</a> <a href="http://www.sec.gov/Archives/edgar/data/1087456/000143774920016525/uboh20200630_10q.htm" style="-sec-extract:exhibit;">June 30, 2020</a> and <a href="http://www.sec.gov/Archives/edgar/data/1087456/000143774920022120/uboh20200930_10q.htm" style="-sec-extract:exhibit;">September 30, 2020.</a></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 94%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 3%;">(b)</td>
			<td style="vertical-align: top; width: 94%;">All Current Reports on Form 8-K filed by the Company pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (&#8220;Exchange Act&#8221;), since the end of the fiscal year covered by the Form 10-K referred to in clause (a) above, namely the Registrant's Form 8-Ks filed on <a href="http://www.sec.gov/Archives/edgar/data/1087456/000143774920001090/uboh20200123_8k.htm" style="-sec-extract:exhibit;">January 23, 2020</a>, <a href="http://www.sec.gov/Archives/edgar/data/1087456/000143774920001162/uboh20200124_8k.htm" style="-sec-extract:exhibit;">January 24, 2020</a>, <a href="http://www.sec.gov/Archives/edgar/data/1087456/000143774920008346/uboh20200423_8k.htm" style="-sec-extract:exhibit;">April 23, 2020</a>, <a href="http://www.sec.gov/Archives/edgar/data/1087456/000143774920008841/uboh20200428_8k.htm" style="-sec-extract:exhibit;">April 29, 2020</a>, <a href="http://www.sec.gov/Archives/edgar/data/1087456/000143774920012286/uboh20200602_8k.htm" style="-sec-extract:exhibit;">June 2, 2020</a>, <a href="http://www.sec.gov/Archives/edgar/data/1087456/000143774920015626/uboh20200723_8k.htm" style="-sec-extract:exhibit;">July 23, 2020</a>, and <a href="http://www.sec.gov/Archives/edgar/data/1087456/000143774920021419/uboh20201021_8k.htm" style="-sec-extract:exhibit;">October 21, 2020</a>.</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 94%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 3%;">(c)</td>
			<td style="vertical-align: top; width: 94%;"><a href="http://www.sec.gov/Archives/edgar/data/1087456/000143774920004603/uboh20200225_def14a.htm" style="-sec-extract:exhibit;">the Registrant&#8217;s Proxy Statement on Schedule 14A filed with the SEC on March 9, &nbsp;2020;</a> and</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 94%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 3%;">(d)</td>
			<td style="vertical-align: top; width: 94%;"><a href="http://www.sec.gov/Archives/edgar/data/1087456/000143774920004521/ex_174764.htm" style="-sec-extract:exhibit;">the description of the Registrant&#8217;s Common Stock contained is contained in Exhibit 4 to Registrant&#8217;s SEC Form 10-K filed on March 6, 2020, and incorporated herein by reference.</a></td>
		</tr>

</table>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:24.5pt;">All documents subsequently filed by the Registrant pursuant to Section 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934 amended, after the date hereof and prior to the filing of a post-effective amendment which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference herein and to be a part hereof from the date of filing such documents, except for information furnished in any such filings, which information is not deemed filed and is not incorporated by reference herein.</p>

<p style="font-family: Times New Roman; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

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		<tr>
			<td style="vertical-align: top; width: 6%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Item&nbsp;4.</p>
			</td>
			<td style="vertical-align: top; width: 94%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><u>Description of Securities</u>.</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 6%;">&nbsp;</td>
			<td style="vertical-align: top; width: 94%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 6%;">&nbsp;</td>
			<td style="vertical-align: top; width: 94%; padding-left: 18pt;">Not Applicable.</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 6%;">&nbsp;</td>
			<td style="vertical-align: top; width: 94%; padding-left: 18pt;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 6%;">Item 5.</td>
			<td style="vertical-align: top; width: 94%;"><u>Interests of Named Experts and Counsel</u></td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 6%;">&nbsp;</td>
			<td style="vertical-align: top; width: 94%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 6%;">&nbsp;</td>
			<td style="vertical-align: top; width: 94%; padding-left: 18pt;">Not Applicable.</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 6%;">&nbsp;</td>
			<td style="vertical-align: top; width: 94%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 6%;">Item 6.</td>
			<td style="vertical-align: top; width: 94%;"><u>Indemnification of Directors and Officers</u>.</td>
		</tr>

</table>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:24.5pt;">Section 1701.13(E) of the Ohio Revised Code provides that a corporation may indemnify or agree to indemnify any person who was or is a party, or is threatened to be made a party, to any threatened, pending, or completed action, suit, or proceeding, whether civil, criminal, administrative, or investigative, other than an action by or in the right of the corporation, by reason of the fact that he is or was a director, officer, employee, or agent of the corporation, or is or was serving at the request of the corporation as a director, trustee, officer, employee, member, manager, or agent of another corporation, domestic or foreign, nonprofit or for profit, a limited liability company, or a partnership, joint venture, trust, or other enterprise, against expenses, including attorney&#8217;s fees, judgments, fines, and amounts paid in settlement actually and reasonably incurred by him in connection with such action, suit, or proceeding, if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, if he had no reasonable cause to believe his conduct was unlawful. The termination of any action, suit, or proceeding by judgment, order, settlement, or conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, that he had reasonable cause to believe that his conduct was unlawful.</p>

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<div class="hf-cell PGNUM" style="text-align: center; font-size: 10pt; font-family: Times New Roman;">3</div>
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<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:24.5pt;">Section 1701.13(E)(2) further specifies that a corporation may indemnify or agree to indemnify any person who was or is a party, or is threatened to be made a party, to any threatened, pending, or completed action or suit by or in the right of the corporation to procure a judgment in its favor, by reason of the fact that he is or was a director, officer, employee, or agent of the corporation, or is or was serving at the request of the corporation as a director, trustee, officer, employee, member, manager, or agent of another corporation, domestic or foreign, nonprofit or for profit, a limited liability company, or a partnership, joint venture, trust, or other enterprise, against expenses, including attorney&#8217;s fees, actually and reasonably incurred by him in connection with the defense or settlement of such action or suit, if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation, except that no indemnification shall be made in respect of any of the following (a)&nbsp;any claim, issue, or matter as to which such person is adjudged to be liable for negligence or misconduct in the performance of his duty to the corporation unless, and only to the extent, that the court of common pleas or the court in which such action or suit was brought determines, upon application, that, despite the adjudication of liability, but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses as the court of common pleas or such other court shall deem proper; and (b)&nbsp;any action or suit in which the only liability asserted against a director is pursuant to Section&nbsp;1701.95 of the Ohio Revised Code concerning unlawful loans, dividends and distribution of assets.</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:24.5pt;">In addition, Section 1701.13(E)(5)(a) requires a corporation to pay any expenses, including attorney&#8217;s fees, of a director in defending an action, suit, or proceeding referred to above as they are incurred, in advance of the final disposition of the action, suit, or proceeding, upon receipt of an undertaking by or on behalf of the director in which he agrees to both (i)&nbsp;repay such amount if it is proved by clear and convincing evidence in a court of competent jurisdiction that his action or failure to act involved an act or omission undertaken with deliberate intent to cause injury to the corporation or undertaken with reckless disregard for the best interests of the corporation and (ii)&nbsp;reasonably cooperate with the corporation concerning the action, suit, or proceeding.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:24.5pt;">The indemnification provided by Section 1701.13(E) shall not be deemed exclusive of any other rights to which those seeking indemnification may be entitled under the articles of incorporation or code of regulations of the Registrant.</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:24.5pt;">The Articles of Incorporation of the Registrant provides that the Registrant shall have the power to indemnify its past directors, officers, employees and agents, and such other person as it shall have the powers to indemnify, to the full extent permitted under, and subject to the limitations of, Title 17 of the Ohio Revised Code. The Registrant carries directors&#8217; and officers&#8217; liability insurance coverage which insures its directors and officers and the directors and officers of its subsidiaries in certain circumstances.</p>

<p style="font-family: Times New Roman; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

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			<td style="vertical-align: top; width: 6%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Item&nbsp;7.</p>
			</td>
			<td style="vertical-align: top; width: 94%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><u>Exemption from Registration Claimed</u>.</p>
			</td>
		</tr>

</table>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:24.5pt;">Not applicable.</p>

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		<tr>
			<td style="vertical-align: top; width: 6%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Item&nbsp;8.</p>
			</td>
			<td style="vertical-align: top; width: 94%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><u>Exhibits</u>.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

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			<td style="vertical-align: bottom; width: 4%; border-bottom: 1px solid black; font-family: Times New Roman; font-size: 10pt;">
			<p style="font-family: Times New Roman; font-size: 10pt; margin: 0pt;">Exhibit</p>
			</td>
			<td style="vertical-align: bottom; width: 4%; font-family: Times New Roman; font-size: 10pt;">
			<p style="font-family: Times New Roman; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;&nbsp;</p>
			</td>
			<td style="vertical-align: bottom; width: 92%; border-bottom: 1px solid black; font-family: Times New Roman; font-size: 10pt;">
			<p style="font-family: Times New Roman; font-size: 10pt; margin: 0pt; text-align: left;">Description of Exhibit</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 4%; font-family: Times New Roman; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 4%; font-family: Times New Roman; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: top; width: 92%; font-family: Times New Roman; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 4%; font-family: Times New Roman; font-size: 10pt;">&nbsp;&nbsp;4.1</td>
			<td style="vertical-align: bottom; width: 4%; font-family: Times New Roman; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: top; width: 92%; font-family: Times New Roman; font-size: 10pt;"><a href="http://www.sec.gov/Archives/edgar/data/1087456/000090631806000067/united10q072406.htm" style="-sec-extract:exhibit;">Amended and Restated Articles of Incorporation (Incorporated herein by reference to the Corporation's Form 10Q for the quarter ended June 30, 2006)</a></td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 4%; font-family: Times New Roman; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 4%; font-family: Times New Roman; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: top; width: 92%; font-family: Times New Roman; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 4%; font-family: Times New Roman; font-size: 10pt;">&nbsp;&nbsp;4.2</td>
			<td style="vertical-align: bottom; width: 4%; font-family: Times New Roman; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: top; width: 92%; font-family: Times New Roman; font-size: 10pt;"><a href="http://www.sec.gov/Archives/edgar/data/1087456/000090631807000102/united10q072607.htm" style="-sec-extract:exhibit;">Amended and Restated Code of Regulations (Incorporated herein by reference to the Corporation&#8217;s Form 10Q for the quarter ended June 30, 2007)</a></td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 4%; font-family: Times New Roman; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 4%; font-family: Times New Roman; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: top; width: 92%; font-family: Times New Roman; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-family: Times New Roman; font-size: 10pt;">
			<td style="vertical-align: top; width: 4%; font-family: Times New Roman; font-size: 10pt;">
			<p style="font-family: Times New Roman; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;&nbsp;4.3</p>
			</td>
			<td style="vertical-align: bottom; width: 4%; font-family: Times New Roman; font-size: 10pt;">
			<p style="font-family: Times New Roman; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;&nbsp;</p>
			</td>
			<td style="vertical-align: top; width: 92%; font-family: Times New Roman; font-size: 10pt;">
			<p style="font-family: Times New Roman; font-size: 10pt; margin: 0pt; text-align: left;"><a href="ex_216573.htm" style="-sec-extract:exhibit;">United Bancshares, Inc. 2016&nbsp;Stock Option Plan</a></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 4%; font-family: Times New Roman; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 4%; font-family: Times New Roman; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: top; width: 92%; font-family: Times New Roman; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 4%; font-family: Times New Roman; font-size: 10pt;">&nbsp; 4.4</td>
			<td style="vertical-align: bottom; width: 4%; font-family: Times New Roman; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: top; width: 92%; font-family: Times New Roman; font-size: 10pt;"><a href="http://www.sec.gov/Archives/edgar/data/1087456/000143774920004521/ex_168613.htm" style="-sec-extract:exhibit;">Form of Award Agreement under 2016 Stock Option Plan, incorporated by reference to Exhibit 10.6 to Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2019.</a></td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 4%; font-family: Times New Roman; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 4%; font-family: Times New Roman; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: top; width: 92%; font-family: Times New Roman; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-family: Times New Roman; font-size: 10pt;">
			<td style="vertical-align: top; width: 4%; font-family: Times New Roman; font-size: 10pt;">
			<p style="font-family: Times New Roman; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;&nbsp;5.1</p>
			</td>
			<td style="vertical-align: bottom; width: 4%; font-family: Times New Roman; font-size: 10pt;">
			<p style="font-family: Times New Roman; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;&nbsp;</p>
			</td>
			<td style="vertical-align: top; width: 92%; font-family: Times New Roman; font-size: 10pt;">
			<p style="font-family: Times New Roman; font-size: 10pt; margin: 0pt; text-align: left;"><a href="ex_216575.htm" style="-sec-extract:exhibit;">Opinion of Shumaker, Loop &amp; Kendrick, LLP on legality of the common stock</a></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 4%; font-family: Times New Roman; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 4%; font-family: Times New Roman; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: top; width: 92%; font-family: Times New Roman; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-family: Times New Roman; font-size: 10pt;">
			<td style="vertical-align: top; width: 4%; font-family: Times New Roman; font-size: 10pt;">
			<p style="font-family: Times New Roman; font-size: 10pt; margin: 0pt; text-align: left;">23.1</p>
			</td>
			<td style="vertical-align: bottom; width: 4%; font-family: Times New Roman; font-size: 10pt;">
			<p style="font-family: Times New Roman; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;&nbsp;</p>
			</td>
			<td style="vertical-align: top; width: 92%; font-family: Times New Roman; font-size: 10pt;">
			<p style="font-family: Times New Roman; font-size: 10pt; margin: 0pt; text-align: left;"><a href="ex_216575.htm" style="-sec-extract:exhibit;">Consent of Shumaker, Loop &amp; Kendrick, LLP (included in Exhibit 5.1)</a></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 4%; font-family: Times New Roman; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 4%; font-family: Times New Roman; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: top; width: 92%; font-family: Times New Roman; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-family: Times New Roman; font-size: 10pt;">
			<td style="vertical-align: top; width: 4%; font-family: Times New Roman; font-size: 10pt;">
			<p style="font-family: Times New Roman; font-size: 10pt; margin: 0pt; text-align: left;">23.2</p>
			</td>
			<td style="vertical-align: bottom; width: 4%; font-family: Times New Roman; font-size: 10pt;">
			<p style="font-family: Times New Roman; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;&nbsp;</p>
			</td>
			<td style="vertical-align: top; width: 92%; font-family: Times New Roman; font-size: 10pt;">
			<p style="font-family: Times New Roman; font-size: 10pt; margin: 0pt; text-align: left;"><a href="ex_216576.htm" style="-sec-extract:exhibit;">Consent of CliftonLarsonAllen, LLP</a></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 4%; font-family: Times New Roman; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 4%; font-family: Times New Roman; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: top; width: 92%; font-family: Times New Roman; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-family: Times New Roman; font-size: 10pt;">
			<td style="vertical-align: top; width: 4%; font-family: Times New Roman; font-size: 10pt;">
			<p style="font-family: Times New Roman; font-size: 10pt; margin: 0pt; text-align: left;">24.1</p>
			</td>
			<td style="vertical-align: bottom; width: 4%; font-family: Times New Roman; font-size: 10pt;">
			<p style="font-family: Times New Roman; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;&nbsp;</p>
			</td>
			<td style="vertical-align: top; width: 92%; font-family: Times New Roman; font-size: 10pt;">
			<p style="font-family: Times New Roman; font-size: 10pt; margin: 0pt; text-align: left;"><a href="#poa" style="-sec-extract:exhibit;">Power of Attorney (included on signature page of this Registration Statement).</a></p>
			</td>
		</tr>

</table>

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<div class="hf-cell PGNUM" style="text-align: center; font-size: 10pt; font-family: Times New Roman;">4</div>
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<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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			<td style="vertical-align: top; width: 6%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Item&nbsp;9.</p>
			</td>
			<td style="vertical-align: top; width: 94%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><u>Undertakings</u>&nbsp;</p>
			</td>
		</tr>

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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><i>Rule 415 Offering </i></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:24.5pt;">The undersigned Registrant hereby undertakes:</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:24.5pt;">(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align: top; width: 3%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">(i)</p>
			</td>
			<td style="vertical-align: top; width: 91%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 6%;">&nbsp;</td>
			<td style="vertical-align: top; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 91%;">&nbsp;</td>
		</tr>
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			<td style="vertical-align: middle; width: 6%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align: top; width: 3%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">(ii)</p>
			</td>
			<td style="vertical-align: top; width: 91%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 6%;">&nbsp;</td>
			<td style="vertical-align: top; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 91%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 6%;">&nbsp;</td>
			<td style="vertical-align: top; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 91%;">of the estimated maximum offering range may be reflected in the form of a prospectus filed with Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the &#8220;Calculation of Registration Fee&#8221; table in the effective registration statement;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 6%;">&nbsp;</td>
			<td style="vertical-align: top; width: 3%;">&nbsp;</td>
			<td style="vertical-align: top; width: 91%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 6%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align: top; width: 3%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">(iii)</p>
			</td>
			<td style="vertical-align: top; width: 91%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;</p>
			</td>
		</tr>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Provided, however, that paragraphs 1(i) and 1(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the Registrant pursuant to Section&nbsp;13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement.</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:24.5pt;">(2) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:24.5pt;">(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><i>Filings Incorporating Subsequent Exchange Act Documents By Reference </i></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:24.5pt;">The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the Registrant&#8217;s annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 that is incorporated by reference in this registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><i>Indemnification </i></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:24.5pt;">Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant to the provisions referred to in Item 6, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

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<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>SIGNATURES</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all the requirements for filing on Form S-8, and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Columbus Grove, Ohio on December 9, 2020.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

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			<td style="vertical-align: top; width: 60%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>&nbsp;</b></p>
			</td>
			<td style="vertical-align: top; width: 39%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>UNITED BANCSHARES, INC</b><b>.</b></p>
			</td>
			<td style="vertical-align:top;width:1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 60%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align: top; width: 39%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;&nbsp;</p>
			</td>
			<td style="vertical-align:top;width:1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;&nbsp;</p>
			</td>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 39%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">/s/ Brian D. Young</p>
			</td>
			<td style="vertical-align:top;width:1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;&nbsp;</p>
			</td>
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			<td style="vertical-align: top; width: 60%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align: top; width: 39%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Brian D. Young, President,</p>
			</td>
			<td style="vertical-align:top;width:1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;&nbsp;</p>
			</td>
		</tr>
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			<td style="vertical-align: top; width: 60%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align: top; width: 39%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Chief Executive Officer and Director</p>
			</td>
			<td style="vertical-align:top;width:1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 60%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align: top; width: 39%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">(Duly Authorized Representative)</p>
			</td>
			<td style="vertical-align:top;width:1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;&nbsp;</p>
			</td>
		</tr>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b><a id="poa" name="poa" title="poa"></a>POWER OF ATTORNEY</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">Each person whose signature appears below hereby appoints Brian D. Young his or her true and lawful attorney-in-fact, with power to act and with full power of substitution, in any and all capacities, to sign any or all amendments (including post-effective amendments) to the registration statement and to file the same with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agents, or their substitutes, may lawfully cause to be done by virtue hereof.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%;">

		<tr>
			<td style="width: 45%; border-bottom: 1px solid black;">/s/ Brian D. Young</td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 45%; border-bottom: 1px solid black;">/s/ Stacy A. Cox&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 45%;">Brian D. Young&nbsp;&nbsp;</td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 45%;">Stacy A. Cox</td>
		</tr>
		<tr>
			<td style="width: 45%;">President, Chief Executive Officer &amp; Director&nbsp;</td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 45%;">Executive Vice President &amp;</td>
		</tr>
		<tr>
			<td style="width: 45%;"><i>(Principal Executive Officer)&nbsp;</i></td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 45%;">Chief Financial Officer</td>
		</tr>
		<tr>
			<td style="width: 45%;">As of December 9, 2020<i>&nbsp;</i></td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 45%;"><i>(Principal Financial/Accounting Officer)</i></td>
		</tr>
		<tr>
			<td style="width: 45%;">&nbsp;</td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 45%;">As of December 9, 2020</td>
		</tr>
		<tr>
			<td style="width: 45%;">&nbsp;</td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 45%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 45%; border-bottom: 1px solid black;">/s/ Herbert H. Huffman</td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 45%; border-bottom: 1px solid black;">/s/ H. Edward Rigel&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 45%;">Herbert H. Huffman&nbsp;&nbsp;</td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 45%;">H. Edward Rigel</td>
		</tr>
		<tr>
			<td style="width: 45%;">Director&nbsp;</td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 45%;">Director</td>
		</tr>
		<tr>
			<td style="width: 45%;">As of December 9, 2020</td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 45%;">As of December 9, 2020</td>
		</tr>
		<tr>
			<td style="width: 45%;">&nbsp;</td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 45%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 45%; border-bottom: 1px solid black;">/s/ R. Steven Unverferth</td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 45%; border-bottom: 1px solid black;">/s/ Robert L. Benroth</td>
		</tr>
		<tr>
			<td style="width: 45%;">R. Steven Unverferth</td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 45%;">Robert L. Benroth</td>
		</tr>
		<tr>
			<td style="width: 45%;">Director</td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 45%;">Director</td>
		</tr>
		<tr>
			<td style="width: 45%;">As of December 9, 2020&nbsp;</td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 45%;">As of December 9, 2020</td>
		</tr>
		<tr>
			<td style="width: 45%;">&nbsp;</td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 45%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 45%; border-bottom: 1px solid black;">/s/ David P. Roach</td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 45%; border-bottom: 1px solid black;">/s/ Daniel W. Schutt&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 45%;">David P. Roach&nbsp;</td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 45%;">Daniel W. Schutt</td>
		</tr>
		<tr>
			<td style="width: 45%;">Director&nbsp;</td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 45%;">Director</td>
		</tr>
		<tr>
			<td style="width: 45%;">As of December 9, 2020</td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 45%;">As of December 9, 2020</td>
		</tr>

</table>

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{"company-data": {"conformed-name": "UNITED BANCSHARES INC/OH", "cik": "0001087456", "assigned-sic": "6021", "irs-number": "341516518", "state-of-incorporation": "OH", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-251231", "film-number": "201378114"}, "business-address": {"street1": "105 PROGRESSIVE DRIVE", "city": "COLUMBUS GROVE", "state": "OH", "zip": "45830", "phone": "419-659-2141"}, "mail-address": {"street1": "105 PROGRESSIVE DRIVE", "city": "COLUMBUS GROVE", "state": "OH", "zip": "45830"}}
uboh20201207_s8.htm
Registration No. 333-______
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
United Bancshares, Inc.
(Exact name of registrant as specified in its charter)
Ohio
3
4-1516518
(State or other jurisdiction of
incorporation or organization)
(
I.R.S. Employer Identification No.)
105 Progressive Drive, Columbus, Ohio
Columbus Grove, Ohio 45830-1241
(
419) 659-2141
(Address, including Zip Code, and telephone number, including area code, of registrant's principal executive offices)
UNITED BANCSHARES, INC. 2016 STOCK OPTION
PLAN
(Full title of the Plan)
Brian D. Young, President and Chief
Executive
Officer
United Bancshares, Inc.
105 Progressive Drive, Columbus, Ohio
Columbus Grove, Ohio 45830-1241
(419) 659-2141
(Name, address, including Zip Code and telephone number, including area code, of agent for service)
COPIES OF COMMUNICATIONS TO:
Martin D. Werner, Esq.
Shumaker, Loop & Kendrick, LLP
1000 Jackson
Street
Toledo, Ohio 43604
Phone: (419) 321-1395
Fax: (419) 241-6894
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one)
Large accelerated filer
☐
Accelerated filer
☐
Non-accelerated filer
☒
Smaller reporting company
☒
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.  ☐
CALCULATION OF REGISTRATION FEE
Title of Securities
to be Registered
Amount
to be
registered
Proposed
maximum
aggregate
offering price
per share
(2)
Proposed
maximum
aggregate
offering price
(2)
Amount of
Registration Fee
Common Stock, no par value
250,000 (1)
$24.68
$6,170,000.00
$673.15
(1)
This registration statement covers 250,000 shares of the common stock of United Bancshares, Inc. which may be issued to eligible employees under the terms of the United Bancshares, Inc., 2016 Stock Option Plan (the "Plan").
(2)
Estimated solely for purposes of calculating the registration fee in accordance with Rule 457(c) and (h) under the Securities Act of 1933, as amended (the "Securities Act"), the proposed offering price is based on the average of the high and low prices for shares of common stock reported on December 4, 2020.
2
Part I
Information Required in the Section 10(a) Prospectus.
The documents containing the information specified in this Part I will be sent or given to participants as specified by Rule 428(b)(1). Such documents need not be filed with the Commission either as part of this registration statement or as prospectuses or prospectus supplements pursuant to Rule 424. These documents and the documents incorporated by reference in the registration statement pursuant to Item 3 of Part II of this Form, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act.
See
Rule 428(a)(1).
PART II
Part II
Information Required in the Registration Statement.
Item 3.
Incorporation of Documents by Reference
.
The following documents, as filed with the Commission pursuant to the Securities Exchange Act of 1934, as amended, are incorporated herein by reference and made a part hereof:
(a)
the Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2019
and its
Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020,
June 30, 2020
and
September 30, 2020.
(b)
All Current Reports on Form 8-K filed by the Company pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended ("Exchange Act"), since the end of the fiscal year covered by the Form 10-K referred to in clause (a) above, namely the Registrant's Form 8-Ks filed on
January 23, 2020
,
January 24, 2020
,
April 23, 2020
,
April 29, 2020
,
June 2, 2020
,
July 23, 2020
, and
October 21, 2020
.
(c)
the Registrant's Proxy Statement on Schedule 14A filed with the SEC on March 9,  2020;
and
(d)
the description of the Registrant's Common Stock contained is contained in Exhibit 4 to Registrant's SEC Form 10-K filed on March 6, 2020, and incorporated herein by reference.
All documents subsequently filed by the Registrant pursuant to Section 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934 amended, after the date hereof and prior to the filing of a post-effective amendment which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference herein and to be a part hereof from the date of filing such documents, except for information furnished in any such filings, which information is not deemed filed and is not incorporated by reference herein.
Item 4.
Description of Securities
.
Not Applicable.
Item 5.
Interests of Named Experts and Counsel
Not Applicable.
Item 6.
Indemnification of Directors and Officers
.
Section 1701.13(E) of the Ohio Revised Code provides that a corporation may indemnify or agree to indemnify any person who was or is a party, or is threatened to be made a party, to any threatened, pending, or completed action, suit, or proceeding, whether civil, criminal, administrative, or investigative, other than an action by or in the right of the corporation, by reason of the fact that he is or was a director, officer, employee, or agent of the corporation, or is or was serving at the request of the corporation as a director, trustee, officer, employee, member, manager, or agent of another corporation, domestic or foreign, nonprofit or for profit, a limited liability company, or a partnership, joint venture, trust, or other enterprise, against expenses, including attorney's fees, judgments, fines, and amounts paid in settlement actually and reasonably incurred by him in connection with such action, suit, or proceeding, if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, if he had no reasonable cause to believe his conduct was unlawful. The termination of any action, suit, or proceeding by judgment, order, settlement, or conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, that he had reasonable cause to believe that his conduct was unlawful.
3
Section 1701.13(E)(2) further specifies that a corporation may indemnify or agree to indemnify any person who was or is a party, or is threatened to be made a party, to any threatened, pending, or completed action or suit by or in the right of the corporation to procure a judgment in its favor, by reason of the fact that he is or was a director, officer, employee, or agent of the corporation, or is or was serving at the request of the corporation as a director, trustee, officer, employee, member, manager, or agent of another corporation, domestic or foreign, nonprofit or for profit, a limited liability company, or a partnership, joint venture, trust, or other enterprise, against expenses, including attorney's fees, actually and reasonably incurred by him in connection with the defense or settlement of such action or suit, if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation, except that no indemnification shall be made in respect of any of the following (a) any claim, issue, or matter as to which such person is adjudged to be liable for negligence or misconduct in the performance of his duty to the corporation unless, and only to the extent, that the court of common pleas or the court in which such action or suit was brought determines, upon application, that, despite the adjudication of liability, but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses as the court of common pleas or such other court shall deem proper; and (b) any action or suit in which the only liability asserted against a director is pursuant to Section 1701.95 of the Ohio Revised Code concerning unlawful loans, dividends and distribution of assets.
In addition, Section 1701.13(E)(5)(a) requires a corporation to pay any expenses, including attorney's fees, of a director in defending an action, suit, or proceeding referred to above as they are incurred, in advance of the final disposition of the action, suit, or proceeding, upon receipt of an undertaking by or on behalf of the director in which he agrees to both (i) repay such amount if it is proved by clear and convincing evidence in a court of competent jurisdiction that his action or failure to act involved an act or omission undertaken with deliberate intent to cause injury to the corporation or undertaken with reckless disregard for the best interests of the corporation and (ii) reasonably cooperate with the corporation concerning the action, suit, or proceeding.
The indemnification provided by Section 1701.13(E) shall not be deemed exclusive of any other rights to which those seeking indemnification may be entitled under the articles of incorporation or code of regulations of the Registrant.
The Articles of Incorporation of the Registrant provides that the Registrant shall have the power to indemnify its past directors, officers, employees and agents, and such other person as it shall have the powers to indemnify, to the full extent permitted under, and subject to the limitations of, Title 17 of the Ohio Revised Code. The Registrant carries directors' and officers' liability insurance coverage which insures its directors and officers and the directors and officers of its subsidiaries in certain circumstances.
Item 7.
Exemption from Registration Claimed
.
Not applicable.
Item 8.
Exhibits
.
Exhibit
Description of Exhibit
4.1
Amended and Restated Articles of Incorporation (Incorporated herein by reference to the Corporation's Form 10Q for the quarter ended June 30, 2006)
4.2
Amended and Restated Code of Regulations (Incorporated herein by reference to the Corporation's Form 10Q for the quarter ended June 30, 2007)
4.3
United Bancshares, Inc. 2016 Stock Option Plan
4.4
Form of Award Agreement under 2016 Stock Option Plan, incorporated by reference to Exhibit 10.6 to Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2019.
5.1
Opinion of Shumaker, Loop & Kendrick, LLP on legality of the common stock
23.1
Consent of Shumaker, Loop & Kendrick, LLP (included in Exhibit 5.1)
23.2
Consent of CliftonLarsonAllen, LLP
24.1
Power of Attorney (included on signature page of this Registration Statement).
4
Item 9.
Undertakings
Rule 415 Offering
The undersigned Registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
(i)
To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;
(ii)
To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end
of the estimated maximum offering range may be reflected in the form of a prospectus filed with Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement;
(iii)
To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;
Provided, however, that paragraphs 1(i) and 1(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement.
(2) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
Filings Incorporating Subsequent Exchange Act Documents By Reference
The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 that is incorporated by reference in this registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
Indemnification
Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant to the provisions referred to in Item 6, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.
5
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all the requirements for filing on Form S-8, and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Columbus Grove, Ohio on December 9, 2020.
UNITED BANCSHARES, INC
.
/s/ Brian D. Young
Brian D. Young, President,
Chief Executive Officer and Director
(Duly Authorized Representative)
POWER OF ATTORNEY
Each person whose signature appears below hereby appoints Brian D. Young his or her true and lawful attorney-in-fact, with power to act and with full power of substitution, in any and all capacities, to sign any or all amendments (including post-effective amendments) to the registration statement and to file the same with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agents, or their substitutes, may lawfully cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.
/s/ Brian D. Young
/s/ Stacy A. Cox
Brian D. Young
Stacy A. Cox
President, Chief Executive Officer & Director
Executive Vice President &
(Principal Executive Officer)
Chief Financial Officer
As of December 9, 2020
(Principal Financial/Accounting Officer)
As of December 9, 2020
/s/ Herbert H. Huffman
/s/ H. Edward Rigel
Herbert H. Huffman
H. Edward Rigel
Director
Director
As of December 9, 2020
As of December 9, 2020
/s/ R. Steven Unverferth
/s/ Robert L. Benroth
R. Steven Unverferth
Robert L. Benroth
Director
Director
As of December 9, 2020
As of December 9, 2020
/s/ David P. Roach
/s/ Daniel W. Schutt
David P. Roach
Daniel W. Schutt
Director
Director
As of December 9, 2020
As of December 9, 2020
6