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 of the 401(k)
Plan, there would be a "blackout period" applicable to the 401(k) Plan that
would begin prior to the beginning of trading on December 2, 2021, and end
following the closing of trading on December 13, 2021. 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 December 1, 2021, 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.
The transition to the new trustee of the 401(k) Plan occurred more quickly than
expected, resulting in the blackout period ending earlier, following the closing
of trading on December 9, 2021. Accordingly, on December 9, 2021, the Company
sent an updated notice to the 401(k) Plan participants informing them of the
earlier ending of the blackout period. Additionally, on December 9, 2021, the
Company sent an updated notice (the "Updated Notice") to its directors and
officers informing them that the blackout period had ended earlier than stated
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.
Exhibit Number Exhibit
99.1 Updated Notice to Directors and Executive Officers of First US
Bancshares, Inc. Regarding 401(k) Plan Blackout Period and
Restrictions on Ability to Trade in Company Securities.
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
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