---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-24-064719"
form_type: "8-K"
ticker: "FUNC"
cik: "0000763907"
company_name: "FIRST UNITED CORP/MD/"
filed_at: "2024-05-23T23:59:59+00:00"
generated_at: "2026-06-01T09:28:08.635036+00:00"
event_type: "other"
sentiment: "neutral"
materiality_score: 0.2
calibrated_materiality_score: 0.2
confidence: "high"
source: SEC EDGAR
---

# First United revises LTIP performance RSUs; uses peer-relative ROAE and TBVPSG goals

## Summary
- Compensation Committee approved new Appendix A to LTIP on May 20, 2024, for 2024-2026 performance period.
- Performance goals: ROAE and TBVPSG vs. a custom peer group of 123 banks with assets $750M-$4B.
- Payout rates: threshold (25th percentile) 25%, target (50th) 50%, maximum (75th) 75% of award.
- CEO: 30% of base salary award (2/3 performance, 1/3 time-vesting); Tier I execs (CFO, COO, CRO, CWO): 20% (1/2 each).
- Time awards vest ratably over 3 years; performance awards vest in 2027 after committee certification.

## SEC filing metadata
- accession: 0001104659-24-064719
- form_type: 8-K
- ticker: FUNC
- cik: 0000763907
- company_name: FIRST UNITED CORP/MD/
- filed_at: 2024-05-23T23:59:59+00:00
- event_type: other
- sentiment: neutral
- materiality_score: 0.2
- calibrated_materiality_score: 0.2
- confidence: high
- sec_items: 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/763907/000110465924064719/0001104659-24-064719-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/763907/000110465924064719/tm2415472d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-24-064719
- JSON: https://secwatch.observer/filing/0001104659-24-064719.json
- Plain text: https://secwatch.observer/filing/0001104659-24-064719.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.