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.

© Edgar Online, source Glimpses