secwatch.observer — SEC 8-K summary
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Issuer:     FIRST UNITED CORP/MD/ (FUNC)
CIK:        0000763907
Form:       8-K
Filed at:   2026-03-12T23:59:59+00:00
Accession:  0001104659-26-027140
Event type: other_material
Sentiment:  neutral
Materiality: 0.30
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

First United revises LTIP RSU metrics, sets 2026 STIP cash award ranges for executives
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- LTIP performance-vesting RSUs now based on ROAE and TBVPSG vs. 103-bank peer group (assets $1B-$4.2B); 3-year period ending Dec 31, 2028.
- CEO Jason B. Rush LTIP target award: 30% of base salary; 2/3 performance-vesting, 1/3 time-vesting.
- 2026 STIP: CEO cash award range $71,250 (threshold) to $213,750 (maximum); target $142,500.
- STIP metrics: ROAA (40% weight), efficiency ratio (20%), avg delinquencies (20%), individual performance (20%).
- STIP minimum trigger: net income must be at least 50% of 2026 goal or no payout.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/763907/000110465926027140/0001104659-26-027140-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/763907/000110465926027140/tm268693d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-26-027140

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