FIRST AMENDMENT TO THE UNITED BANCORP, INC. SENIOR MANAGEMENT BONUS DEFERRAL STOCK PLAN

WHEREAS, United Bancorp, Inc. (the “Company”) has adopted and maintains the United Bancorp, Inc. Senior Management Bonus Deferral Stock Plan (As Amended through February 26, 2009) (the “Plan”); and

WHEREAS, pursuant to Section 10.2 of the Plan, the Company has reserved the right to amend the Plan at any time; and

WHEREAS, the Company desires to amend the Plan to comply with certain TARP restrictions on compensation.

NOW, THEREFORE, IN CONSIDERATION OF THE PREMISES, the Plan is amended, effective immediately, as follows:

1.           The following sentence is added at the end of Section 10.2:

“Notwithstanding the preceding, the Board may amend the Plan in any manner required by law or to the extent the Board determines that a modification is needed