secwatch.observer — SEC 8-K summary
======================================

Issuer:     FIRST UNITED CORP/MD/ (FUNC)
CIK:        0000763907
Form:       8-K
Filed at:   2024-05-23T23:59:59+00:00
Accession:  0001104659-24-064719
Event type: other
Sentiment:  neutral
Materiality: 0.20
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/763907/000110465924064719/0001104659-24-064719-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/763907/000110465924064719/tm2415472d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-064719

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer