Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On November 28, 2022, Hills Bancorporation (the "Company") appointed Tony
Roetlin, age 55, to the position of Senior Vice President and Chief Financial
Officer of the Company and the Company's wholly-owned bank subsidiary, Hills
Bank and Trust Company (the "Bank") effective December 30, 2022. Mr. Roetlin
will also serve as principal financial officer and principal accounting officer
of the Company.
Before his appointment to the Company and the Bank, Mr. Roetlin served as the
Director of Finance with the City of Coralville, Iowa from 2012 through his
current appointment. Prior to working at the City of Coralville, Mr. Roetlin
served in a variety of financial positions at companies including AEGON Asset
Management, Springsted Incorporated, William Blair & Company, First Chicago
Capital Markets, and American National Bank & Trust Company of Chicago. Mr.
Roetlin began his career after graduating with a Bachelor of Business
Administration in Finance with an emphasis in Accounting from the University of
Iowa in 1991. While working at First Chicago Capital Markets in Chicago, Mr.
Roetlin studied at the University of Chicago and graduated with a Master of
Business Administration in Finance and Econometrics in 1997.
In connection with his appointment as Senior Vice President, Chief Financial
Officer, Mr. Roetlin will be paid a salary of $250,000 per year. Mr. Roetlin
will also be eligible for discretionary annual cash bonuses, equity awards under
the Company's 2020 Stock Option and Incentive Plan, and discretionary
contributions to the Company's Employee Stock Ownership and Profit-Sharing
Plans. He will also be entitled to receive other employee benefits generally
available to all employees of the company and the Bank, including participation
in medical plans and the Company's Employee Stock Purchase Plan.
Mr. Roetlin has no family relationship with any director or executive officer of
the Company or any of its affiliated subsidiaries. Since the beginning of the
Company's last fiscal year, neither Mr. Roetlin nor any member of his immediate
family have been customers of, or have had transactions in excess of $120,000
with the Company or any of its affiliated subsidiaries which would be reportable
under Item 404(a) of SEC Regulation S-K.
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