FIRST UNITED CORP/MD/ — Director's Dealing 2020

Mar 30, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FIRST UNITED CORP/MD/ (FUNC)
CIK: 0000763907
Period of Report: 2020-03-26

Reporting Person: Sturm Tonya K. (SVP & CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-03-26	Common Stock	A	1491	—	Acquired	2386.35	Direct
2020-03-26	Common Stock	A	781	—	Acquired	3167.35	Direct
2020-03-26	Common Stock	A	1563	—	Acquired	4730.35	Direct

Footnotes

F1: The shares correspond to restricted stock units each of which represents the contingent right to receive one share of common stock of First United Corporation ("RSUs").

F2: The RSUs will vest on March 15, 2022 if certain performance goas are satisfied for the three-year period ending December 31, 2021 and the reporting person is employed on such date. The number of shares reported reflects the target number of shares that could be issued under the RSUs, assuming that at least one of the performance objectives is met at the "target" level. If the performance objectives are met at the "threshold" level, then the number of shares for which the RSUs will be settled will be 745. If the performance objectives are met at the "maximum" level, then the number of shares for which the RSUs will be settled will be 2,237. Actual vesting amounts will be pro-rated between threshold and target levels and target and maximum levels to reward incremental improvement.

F3: The RSUs will vest ratably over three years beginning on March 26, 2021 if the reporting person is employed on each applicable vesting date

F4: The shares correspond to performance-vesting RSUs granted to the reporting person. The RSUs will vest on March 15, 2023 if certain performance goas are satisfied for the three-year performance period ending on December 31, 2022 and the reporting person remains employed on such date. The number of shares reported reflects the target number of shares that could be issued under the RSUs, assuming that at least one of the performance objectives is met at the "target" level. If the performance objectives are met at the "threshold" level, then the number of shares for which the RSUs will be settled will be 781. If the performance objectives are met at the "maximum" level, then the number of shares for which the RSUs will be settled will be 2,345. Actual vesting amounts will be pro-rated between threshold and target levels and target and maximum levels to reward incremental improvement.