Keith Sanders - May 5, 2021 Form 4 Insider Report for FIRST UNITED CORP/MD/ (FUNC)

Role
SVP & Senior Trust Officer
Signature
/s/ Keith R. Sanders
Stock symbol
FUNC
Transactions as of
May 5, 2021
Transactions value $
$0
Form type
4
Date filed
5/7/2021, 04:09 PM
Next filing
May 28, 2021

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction FUNC Common Stock Award $0 +1.12K +10.58% $0.00 11.7K May 5, 2021 Direct F1, F2
transaction FUNC Common Stock Award $0 +558 +4.78% $0.00 12.2K May 5, 2021 Direct F1, F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
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, 2024 if certain performance goals are satisfied for the three-year period ending December 31, 2023 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 558. If the performance objectives are met at the "maximum" level, then the number of shares for which the RSUs will be settled will be 1,674. 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 May 5, 2022 if the reporting person is employed on each applicable vesting date.