<SEC-DOCUMENT>0001144204-18-030085.txt : 20180521
<SEC-HEADER>0001144204-18-030085.hdr.sgml : 20180521
<ACCEPTANCE-DATETIME>20180521162058
ACCESSION NUMBER:		0001144204-18-030085
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180517
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Submission of Matters to a Vote of Security Holders
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180521
DATE AS OF CHANGE:		20180521

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIRST UNITED CORP/MD/
		CENTRAL INDEX KEY:			0000763907
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		IRS NUMBER:				521380770
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-14237
		FILM NUMBER:		18849869

	BUSINESS ADDRESS:	
		STREET 1:		19 S SECOND ST
		CITY:			OAKLAND
		STATE:			MD
		ZIP:			21550
		BUSINESS PHONE:		3013349471

	MAIL ADDRESS:	
		STREET 1:		19 S SECOND ST
		CITY:			OAKLAND
		STATE:			MD
		ZIP:			21550
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>tv494738_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>&#9;SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>&#9;Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PURSUANT TO SECTION 13 OR 15(d) OF THE
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported):
May 17, 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>First United Corporation</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
its charter)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; border-bottom: Black 1pt solid">Maryland</TD>
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 30%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; border-bottom: Black 1pt solid">0-14237</TD>
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 30%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; border-bottom: Black 1pt solid">52-1380770</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(State or other jurisdiction of incorporation or organization)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Commission file number)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;(IRS Employer Identification No.)</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>19 South Second Street, Oakland, Maryland
21550</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices)
(Zip Code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>(301) 334-9471</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Registrant&rsquo;s telephone number, including
area code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>N/A</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former Name or Former Address, if Changed
Since Last Report)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; padding: 0; text-indent: 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="padding: 0; text-indent: 0">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; padding: 0; text-indent: 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="padding: 0; text-indent: 0">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; padding: 0; text-indent: 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="padding: 0; text-indent: 0">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; padding: 0; text-indent: 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="padding: 0; text-indent: 0">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &sect;230.405) or Rule 12b-2 of the Securities Exchange
Act of 1934 (17 CFR &sect;240.12b-2). Emerging growth company&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION TO BE INCLUDED IN THE REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in; padding: 0; font-size: 10pt; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>Item 5.02.</B></FONT></TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 0.5in; padding: 0; font-size: 10pt; text-indent: 0"><FONT STYLE="font-size: 10pt">(e)</FONT></TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"><FONT STYLE="font-size: 10pt">Adoption of Compensatory Plan.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At the annual meeting of shareholders of
First United Corporation (the &ldquo;Corporation&rdquo;) held on May 17, 2018 (the &ldquo;2018 Meeting&rdquo;), the shareholders
approved the First United Corporation 2018 Equity Compensation Plan (the &ldquo;Plan&rdquo;). By its terms, the Plan became effective
upon such approval. The material terms and conditions of the Plan were described in the Corporation&rsquo;s definitive proxy statement
on Schedule 14A for the 2018 Meeting, which was filed with the Securities and Exchange Commission on March 20, 2018, under the
heading, &ldquo;<B>APPROVAL OF THE EQUITY PLAN (Proposal 2)</B>&rdquo;, which description is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in; padding: 0; font-size: 10pt; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>Item 5.07</B></FONT></TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>Submission of Matters to a Vote of Security Holders.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1in; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">(a)&nbsp;and (b)</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Voting Results.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At the 2018 Meeting, the Corporation&rsquo;s
shareholders voted on the four proposals set forth below. These proposals were submitted to a vote through the solicitation of
proxies. The results of the votes are set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Proposal 1 &ndash; Election of four nominees
to serve on the Corporation&rsquo;s Board of Directors until the 2021 annual meeting of shareholders and until their successors
are duly elected and qualified:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 85%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 0.5in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; padding: 2.5pt; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; padding: 2.5pt; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">For</FONT></TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; padding: 2.5pt; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Withheld</FONT></TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; padding: 2.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Broker Non-Votes</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 2.5pt; text-indent: 0"><FONT STYLE="font-size: 10pt">Robert W. Kurtz</FONT></TD>
    <TD STYLE="padding: 2.5pt; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,227,129</FONT></TD>
    <TD STYLE="padding: 2.5pt; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">121,118</FONT></TD>
    <TD STYLE="padding: 2.5pt; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,086,225</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 2.5pt; text-indent: 0"><FONT STYLE="font-size: 10pt">Elaine L. McDonald</FONT></TD>
    <TD STYLE="padding: 2.5pt; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,197,550</FONT></TD>
    <TD STYLE="padding: 2.5pt; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">150,697</FONT></TD>
    <TD STYLE="padding: 2.5pt; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,086,225</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 2.5pt; text-indent: 0"><FONT STYLE="font-size: 10pt">Gary R. Ruddell</FONT></TD>
    <TD STYLE="padding: 2.5pt; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,189,473</FONT></TD>
    <TD STYLE="padding: 2.5pt; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">158,774</FONT></TD>
    <TD STYLE="padding: 2.5pt; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,086,225</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 2.5pt; text-indent: 0"><FONT STYLE="font-size: 10pt">Carissa L. Rodeheaver</FONT></TD>
    <TD STYLE="padding: 2.5pt; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,207,027</FONT></TD>
    <TD STYLE="padding: 2.5pt; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">141,220</FONT></TD>
    <TD STYLE="padding: 2.5pt; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,086,225</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Proposal 2 &ndash; Approval of the First
United Corporation 2018 Equity Compensation Plan:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 85%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 0.5in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; padding: 2.5pt; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">For</FONT></TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; padding: 2.5pt; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Against</FONT></TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; padding: 2.5pt; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Abstain</FONT></TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; padding: 2.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Broker Non-Votes</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 2.5pt; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">4,068,493</FONT></TD>
    <TD STYLE="padding: 2.5pt; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">229,158</FONT></TD>
    <TD STYLE="padding: 2.5pt; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">50,596</FONT></TD>
    <TD STYLE="padding: 2.5pt; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,086,225</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Proposal 3 &ndash; Adoption of a non-binding
advisory resolution approving the compensation paid to the Company&rsquo;s named executive officers in 2017:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 85%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 0.5in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; padding: 2.5pt; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">For</FONT></TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; padding: 2.5pt; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Against</FONT></TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; padding: 2.5pt; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Abstain</FONT></TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; padding: 2.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Broker Non-Votes</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 2.5pt; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">4,049,081</FONT></TD>
    <TD STYLE="padding: 2.5pt; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">246,672</FONT></TD>
    <TD STYLE="padding: 2.5pt; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">52,494</FONT></TD>
    <TD STYLE="padding: 2.5pt; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,086,225</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Proposal 4 &ndash; Ratification of the Appointment
of Baker Tilly Virchow Krause, LLP as the Corporation&rsquo;s independent registered public accounting firm for 2018:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 85%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 0.5in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; padding: 2.5pt; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">For</FONT></TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; padding: 2.5pt; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Against</FONT></TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; padding: 2.5pt; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Abstain</FONT></TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; padding: 2.5pt; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Broker Non-Votes</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 2.5pt; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">5,361,713</FONT></TD>
    <TD STYLE="padding: 2.5pt; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">39,715</FONT></TD>
    <TD STYLE="padding: 2.5pt; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">33,044</FONT></TD>
    <TD STYLE="padding: 2.5pt; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">0</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>Item 9.01.</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>Financial Statements and Exhibits.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 0.5in; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Exhibits.&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The exhibits filed with this report are
listed in the following Exhibit Index:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 0.5in; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1in; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt"><U>Exhibit</U></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt"><U>Description</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="tv494738_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.1</FONT></A></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="tv494738_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">First United Corporation 2018 Equity Compensation Plan (filed herewith).</FONT></A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">FIRST UNITED CORPORATION </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 62%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 3%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 35%; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Dated:&nbsp;&nbsp;May 21, 2018</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">/s/ Tonya K. Sturm</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Tonya K. Sturm</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Senior Vice President &amp; CFO</FONT></TD></TR>
</TABLE>


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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>tv494738_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<HTML>
<HEAD>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"></P>

<P STYLE="text-align: center; margin: 0pt 0; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>FIRST UNITED
CORPORATION </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>2018 EQUITY
COMPENSATION PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>1. <U>Purpose</U>. </B>The purpose of the Plan is to provide designated (a) Employees of the Company and its Affiliates and
(b) Non-Employee Directors of the Company and its Affiliates with the opportunity to receive grants of Options, SARs, Stock Awards,
Dividend Equivalents and Other Stock-Based Awards. The Company believes that the Plan will encourage the Participants to contribute
materially to the growth of the Company, thereby benefiting the Company&rsquo;s shareholders, and will align the economic interests
of the Participants with those of the shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 1in">All capitalized terms
shall be as defined in <I>Section 2</I> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>2. <U>Definitions</U></B>. Whenever used in this Plan, the following terms will have the respective meanings set forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a) &ldquo;A<I>dditive SAR</I>&rdquo; has the meaning given that term in <I>Section 8(b)(ii)</I> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b) <I>&ldquo;Affiliate&rdquo; </I>means any &ldquo;parent corporation&rdquo; and any &ldquo;subsidiary corporation&rdquo; of
the Company, as such terms are defined in Section 424 of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c) <I>&ldquo;Board&rdquo; </I>means the Board of Directors of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d) <I>&ldquo;Change in Control&rdquo; </I>means the occurrence of any of the following events:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(i) Any &ldquo;person&rdquo; (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) becomes, within the 12-month
period ending on the date of such person&rsquo;s most recent acquisition, a &ldquo;beneficial owner&rdquo; (as defined in Rule
13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing more than 35% of the voting power
of the then outstanding securities of the Company; provided that a Change in Control shall not be deemed to occur as a result of
a transaction in which the Company becomes a subsidiary of another corporation and in which the shareholders of the Company, immediately
prior to the transaction, will beneficially own, immediately after the transaction, shares entitling such shareholders to more
than 50% of all votes to which all shareholders of the parent corporation would be entitled in the election of directors (without
consideration of the rights of any class of stock to elect directors by a separate class vote); and provided further that ownership
or control of the Company&rsquo;s voting securities, individually or collectively, by any Affiliate that is a bank or any benefit
plan sponsored by the Company or any Affiliate shall not constitute a Change in Control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(ii) The consummation of (A) a merger, consolidation, or similar extraordinary event involving the Company and another entity
where the shareholders of the Company, immediately prior to the merger, consolidation or similar extraordinary event, will not
beneficially own, immediately after the merger, consolidation or similar extraordinary event, shares entitling such shareholders
to more than 50% of all votes to which all shareholders of the surviving corporation would be entitled in the election of directors
(without consideration of the rights of any class of stock to elect directors by a separate class vote), or (B) a sale or other
disposition of all or substantially all of the assets of the Company; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(iii) During any 12-month period after the Effective Date, individuals who at the beginning of such period constituted the Board
cease for any reason to constitute a majority thereof, unless the election, or the nomination for election by the Company&rsquo;s
shareholders, of at least a majority of the directors who were not directors at the beginning of such period, was approved by a
vote of at least two-thirds of the directors then in office at the time of such election or nomination who either (i) were directors
at the beginning of such period or (ii) whose appointment, election or nomination for election was previously so approved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding the foregoing, the Committee may modify the
definition of a Change in Control for a particular Grant as the Committee deems appropriate to comply with Section 409A of the
Code and any related regulations or other guidance promulgated with respect to such Section by the U.S. Department of the Treasury
or the Internal Revenue Service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e) <I>&ldquo;Code&rdquo; </I>means the Internal Revenue Code of 1986, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(f) <I>&ldquo;Committee&rdquo; </I>means (i) with respect to Grants to Employees, the Compensation Committee of the Board or
its delegate or successor, or such other committee appointed by the Board to administer the Plan or its delegate or successor and
(ii) with respect to Grants made to Non-Employee Directors, the Board or its delegate. Notwithstanding the foregoing, with respect
to Grants to Employees who are officers of the Company, the Committee shall consist of two or more persons appointed by the Board,
all of whom shall be &ldquo;non-employee directors&rdquo; as defined under Rule 16b-3 promulgated under the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(g) <I>&ldquo;Company&rdquo; </I>means First United Corporation, a Maryland corporation, and any successor thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(h) <I>&ldquo;Date of Grant&rdquo; </I>means the date a Grant is effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(i) <I>&ldquo;Dividend Equivalent&rdquo; </I>means an amount determined by multiplying the number of Shares subject to a Grant
(or by which such Grant is measured or based) by the per-Share cash dividend, or the per-Share fair market value (as determined
by the Committee) of any dividend in consideration other than cash, paid by the Company on its Stock on a dividend payment date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(j) <I>&ldquo;Effective Date&rdquo; </I>means May 17, 2018, the date on which the Plan was approved by the shareholders of the
Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(k) <I>&ldquo;Employee&rdquo; </I>means an employee of the Company or any Affiliate (including an officer or director who is
also an employee).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(l) <I>&ldquo;Exchange Act&rdquo; </I>means the Securities Exchange Act of 1934, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I></I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(m) <I>&ldquo;Fair Market Value&rdquo; </I>means, as of any date, unless otherwise required by any applicable provision of the
Code or any regulations thereunder, the mean between the high and low sales price of a Share on the trading day immediately preceding
such date, as reported on any established securities exchange or national market system on which the Shares are then listed or
admitted to trading (or the closing bid, if no sales were reported), or, if not so reported, the fair market value as determined
pursuant to a reasonable method adopted by the Committee in good faith for such purpose in accordance with applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(n) <I>&ldquo;Freestanding SAR&rdquo; </I>has the meaning given that term in <I>Section 8(b)(iii)</I> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(o) <I>&ldquo;Grant&rdquo; </I>means an Option, a SAR, a Stock Award, a Dividend Equivalent or an Other Stock-Based Award granted
under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(p) <I>&ldquo;Grant Agreement&rdquo; </I>means the written agreement that sets forth the terms and conditions of a Grant, including
all amendments thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(q) <I>&ldquo;Incentive Stock Option&rdquo; </I>means a stock option that is intended to meet the requirements of Section 422
of the Code, as described in <I>Section 7</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(r) <I>&ldquo;Non-Employee Director&rdquo; </I>means a member of the Board, or a member of the board of directors of an Affiliate,
who is not an employee of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(s) <I>&ldquo;Nonqualified Stock Option&rdquo; </I>means a stock option that is not intended to meet the requirements of Section
422 of the Code, as described in <I>Section 7</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(t) <I>&ldquo;Option&rdquo; </I>means an Incentive Stock Option or a Nonqualified Stock Option to purchase Shares at an Option
Price for a specified period of time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(u) <I>&ldquo;Option Period&rdquo;</I> means the period of time during which an Option is exercisable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(v) <I>&ldquo;Option Price&rdquo; </I>means the amount per Share, as designated by the Committee, that shall be paid by a Participant
upon the exercise of an Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(w) <I>&ldquo;Other Stock-Based Award&rdquo; </I>means any Grant based on, measured by or payable in Shares (other than Grants
described in <I>Sections 7</I>, <I>8, 9 and 10</I>), as described in <I>Section 11</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(x) <I>&ldquo;Participant&rdquo; </I>means an Employee or a Non-Employee Director designated by the Committee to receive a Grant
under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(y) <I>&ldquo;Person&rdquo;</I> means as such term is defined in Section 3(a)(9) of the Exchange Act, as modified and used in
Sections 13(d) and 14(d) thereof, except that such term shall not include (i) the Company or any of its affiliates (as defined
under Rule 12b-2 of the Exchange Act), (ii) a trustee or other fiduciary holding securities under an employee benefit plan of the
Company or any of its affiliates, (iii) an underwriter temporarily holding securities pursuant to an offering of such securities,
or (iv) a corporation owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as
their ownership of the Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I></I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(z) <I>&ldquo;Plan&rdquo; </I>means this First United Corporation 2018 Equity Compensation Plan, as in effect from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(aa) &ldquo;<I>Related Option</I>&rdquo; means an Option with respect to which a SAR has been granted</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(bb) &ldquo;<I>Share</I>&rdquo; means a share of Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(cc) <I>&ldquo;Stock&rdquo; </I>means the common stock, par value $.01 per Share, of the Company or such other securities of
the Company as may be substituted for Stock pursuant to <I>Sections 5(d)</I> or <I>15</I> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(dd) <I>&ldquo;SAR&rdquo; </I>means an award of a stock appreciation right, as described in <I>Section 8</I> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(ee) <I>&ldquo;Stock Award&rdquo; </I>means an award of Shares, as described in <I>Section 9</I> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(ff) <I>&ldquo;Successor Participant&rdquo; </I>means the personal representative or other person entitled to succeed to the
rights of the Participant in accordance with <I>Section 14</I> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(gg) <I>&ldquo;Tandem SAR&rdquo; </I>has the meaning given that term in <I>Section 8(b)(i)</I> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(hh) <I>&ldquo;Ten Percent Owner&rdquo; </I>means a Person who owns, or is deemed within the meaning of Section 422(b)(6) of
the Code to own, securities possessing more than 10% of the total combined voting power of all classes of securities of the Company
(or its parent or subsidiary corporations). Whether a person is a Ten Percent Owner shall be determined with respect to each Grant
based on the facts existing on its Date of Grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>3. <U>Administration</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a) <U>Committee</U>. The Plan shall be administered and interpreted by the Committee. Day to day administrative functions may
be performed by employees of the Company, as approved by the Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b) <U>Committee Authority</U>. The Committee shall have the sole authority to (i) determine the Employees and Non-Employee
Directors to whom Grants shall be made under the Plan, (ii) determine the type, size and terms of the Grants to be made to each
Participant, (iii) determine the time when the Grants will be made and the duration of any applicable exercise or restriction period,
including the criteria for exercisability and the acceleration of exercisability, (iv) accelerate the vesting or payment of any
outstanding Grant notwithstanding any vesting or payment date set forth in the related Grant Agreement, (v) amend the terms of
any previously issued Grant, subject to the provisions of <I>Section 17</I> hereof, (vi) adopt guidelines separate from the Plan
that set forth the specific terms and conditions for Grants under the Plan, and (vii) deal with any other matters arising under
the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c) <U>Delegation of Authority</U>. Notwithstanding the foregoing <I>paragraph (b)</I>, the Committee may delegate to one or
more officers of the Company the authority to act on behalf of the Committee with respect to any matter, right, obligation, or
election that is the responsibility of or that is allocated to the Committee herein, and that may be so delegated as a matter of
law, except for grants of Awards to persons (i) subject to Section 16 of the Exchange Act or (ii) who are, or who are reasonably
expected to be, &ldquo;covered employees&rdquo; for purposes of Section 162(m) of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d) <U>Committee Determinations</U>. The Committee shall have full power and express discretionary authority to administer and
interpret the Plan, to make factual determinations and to adopt or amend such rules, regulations, agreements and instruments for
implementing the Plan and for the conduct of its business as it deems necessary or advisable, in its sole discretion. The Committee&rsquo;s
interpretations of the Plan and all determinations made by the Committee pursuant to the powers vested in it hereunder shall be
conclusive and binding on all persons having any interest in the Plan or in any Grants awarded hereunder. All powers of the Committee
shall be executed in its sole discretion, in the best interest of the Company, not as a fiduciary, and in keeping with the objectives
of the Plan and need not be uniform as to similarly situated individuals. The majority of the members of the Committee shall constitute
a quorum. The acts of a majority of the members present at any meeting at which a quorum is present or acts approved in writing
by a majority of the Committee shall be deemed the acts of the Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>4. <U>Grants</U></B>. All Grants shall be subject to the terms and conditions set forth herein and to such other terms and
conditions consistent with the Plan as the Committee deems appropriate and as are specified in writing by the Committee in separate
guidelines or to the individual in the Grant Agreement or an amendment to the guidelines or Grant Agreement. Without limiting the
generality of the foregoing, the Committee may include in a Grant Agreement such covenants and other provisions for the protection
of the property and business of the Company and its Affiliates as it deems appropriate, the acceptance of which by the Participant
shall be a condition to the Grant. The Committee shall approve the form and provisions of each Grant Agreement. Grants under a
particular <I>Section</I> of the Plan need not be uniform as among the Participants. All Grants shall be made conditional upon
the Participant&rsquo;s acknowledgement, in writing or by acceptance of the Grant, that all decisions and determinations of the
Committee shall be final and binding on the Participant, his or her beneficiaries, and any other person having or claiming an interest
under such Grant. Notwithstanding any provision of the Plan to the contrary, the Committee may make Grants that are contingent
on, and subject to, shareholder approval of the Plan or an amendment to the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>5. <U>Shares of Stock Subject to the Plan</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a) <U>Shares Authorized</U>. Subject to adjustment as described below, the aggregate number of Shares that may be issued or
transferred under the Plan is 325,000, all of which may be issued pursuant to Options or Stock Awards or Other Stock-Based Awards.
The Shares may be authorized but unissued Shares or reacquired Shares of Stock, including shares purchased by the Company on the
open market for purposes of the Plan. Grants paid in cash shall not count against the foregoing Share limits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b) <U>Share Counting</U>. For administrative purposes, when the Committee makes a Grant payable in Shares, the Committee shall
reserve Shares equal to the maximum number of Shares that may be payable under the Grant. If and to the extent Options or SARs
granted under the Plan terminate, expire, or are canceled, forfeited, exchanged or surrendered after the Effective Date without
having been exercised or if any Stock Awards, Dividend Equivalents or Other Stock-Based Awards are forfeited or terminated, or
otherwise not paid in full after the Effective Date, the Shares subject to such Grants shall again be available for purposes of
the Plan. In addition, if and to the extent an Option is exercised pursuant to <I>Section 7(f)(iv)</I> hereof, the number of Shares
determined pursuant to <I>clause (B)</I> of <I>Section 7(f)(iv)</I> shall again be available for purposes of this Plan. To the
extent SARs are exercised under the Plan, the total number of Shares subject to the exercised portion of the SAR shall count against
the number of Shares reserved for issuance under the Plan if Shares are paid out upon exercise of the SAR. To the extent Grants
are paid in cash, and not in Shares, any Shares previously reserved for issuance or transfer pursuant to such Grants shall again
be available for issuance or transfer under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c) <U>Individual Limits</U>. All Grants under the Plan, other than Dividend Equivalents, shall be expressed in Shares. The
maximum aggregate number of Shares with respect to which all Grants, other than Dividend Equivalents, may be made under the Plan
to any individual during any fiscal year shall be 20,000 Shares, subject to adjustment as described below. The individual limits
described in this <I>subsection (c)</I> shall apply without regard to whether the Grants are to be paid in Shares or in cash. All
cash payments (other than Dividend Equivalents) shall equal the Fair Market Value of the Shares to which the cash payment relates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d) <U>Adjustments</U>. If there is any change in the number or kind of Shares outstanding by reason of (i) a stock dividend,
spinoff, recapitalization, stock split, or combination or exchange of shares, (ii) a merger, reorganization or consolidation, (iii)
a reclassification or change in par value, or (iv) any other extraordinary or unusual event affecting the outstanding Stock as
a class without the Company&rsquo;s receipt of consideration, or if the value of outstanding Shares is substantially reduced as
a result of a spinoff or the Company&rsquo;s payment of an extraordinary dividend or distribution, then the maximum number of Shares
available for issuance under the Plan, the maximum number of Shares for which any individual may receive pursuant to Grants in
any year, the number of Shares covered by outstanding Grants, the kind of Shares to be issued or transferred under the Plan, and
the Option Price, price per Share or the applicable market value of such Grants shall be appropriately adjusted by the Committee
to reflect any increase or decrease in the number of, or change in the kind or value of, issued Shares to preclude, to the extent
practicable, the enlargement or dilution of rights and benefits under such Grants; <I>provided, however</I>, that any fractional
Shares resulting from such adjustment shall be eliminated by adjusting the number of Shares to the nearest smaller whole number
of Shares. Any adjustment in Incentive Options under this <I>Section 5(d)</I> shall be made only to the extent not constituting
a &ldquo;modification&rdquo; within the meaning of Section 424(h)(3) of the Code, and any adjustments under this <I>Section 5(d)</I>
shall be made in a manner which does not adversely affect the exemption provided pursuant to Exchange Act Rule 16b-3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>6. <U>Eligibility for Participation</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a) <U>Eligible Persons</U>. All Employees, including Employees who are officers or members of the Board, and all Non-Employee
Directors shall be eligible to participate in the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b) <U>Selection of Participants</U>. The Committee shall select the Employees and Non-Employee Directors to receive Grants
and shall determine the terms and conditions of the Grant and the number of Shares subject to each Grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>7. <U>Options</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a) <U>General Requirements</U>. The Committee may grant Options to an Employee or a Non-Employee Director upon such terms and
conditions as the Committee deems appropriate under this <I>Section 7 </I>hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b) <U>Number of Shares</U>. The Committee shall determine the number of Shares that will be subject to each Option that is
granted to Employees and Non-Employee Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c) <U>Type of Option and Price</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(i) Subject to <I>Section 18(b)</I> hereof, the Committee may grant Incentive Stock Options or Nonqualified Stock Options or
any combination of Incentive Stock Options and Nonqualified Stock Options. Incentive Stock Options may be granted only to Employees.
Nonqualified Stock Options may be granted to Employees and Non-Employee Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(ii) The Option Price shall be set by the Committee at the time the Option is granted but shall not be less than 100% of the
Fair Market Value of a Share on the Date of Grant; <I>provided, however</I>, that an Incentive Stock Option may not be granted
to an Employee who, as of the Date of Grant, is a Ten Percent Owner unless the Option Price is not less than 110% of the Fair Market
Value of a Share on the Date of Grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d) <U>Vesting; Option Period</U>. An Option shall vest and become exercisable in such manner and on such date or dates as are
determined by the Committee, which need not be the same for all Participants. The Option Period shall expire at such time as the
Committee shall determine; <I>provided, however</I>, that no Option shall be exercisable after the expiration of ten (10) years
from its Date of Grant. In addition, an Incentive Stock Option granted to an Employee who, as of the Date of Grant, is a Ten Percent
Owner shall not have an Option Period that is longer than the date that is five (5) years after its Date of Grant. If an Option
is exercisable in installments, then such installments or portions thereof which become exercisable shall remain exercisable until
the expiration of the Option Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">(e) <U>Termination of Employment or Service</U>. Except as provided in a Grant Agreement, an Option may only be exercised while
the Participant is employed by, or providing services to, the Company or one of its Affiliates. The Committee shall specify in
a Grant Agreement under what circumstances, if any, and during what time periods, if any, a Participant may exercise an Option
after termination of employment or service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">(f) <U>Exercise of Options</U>. A Participant may exercise an Option that has become exercisable, in whole or in part, by delivering
a notice of exercise to the Company or its designated agent that states the number of Purchased Shares, the person or persons in
whose name the Purchased Shares are to be registered and each such person&rsquo;s address and social security number. The Participant
shall pay the aggregate Option Price for the Purchased Shares and any required federal, state and local tax withholding taxes (as
described in <I>Section 14 </I>hereof): (i) in cash or by cashier&rsquo;s check on the date of exercise; (ii) if permitted by the
Committee, and if the Company is not then prohibited from purchasing or acquiring Shares, by delivering on the date of exercise
Shares (or by attestation as to ownership of such Shares on a form prescribed by the Committee) that (A) have been held by the
Participant for at least six (6) months and (B) have an aggregate Fair Market Value on the date of exercise equal to the sum of
the aggregate Option Price for the Purchased Shares plus any withholding taxes; (iii) if permitted by the Committee, in cash, on
the T+3 settlement date that occurs after the exercise date specified in the notice of exercise, provided that the Participant
exercises the Option through an irrevocable agreement with a registered broker and the payment is made in accordance with procedures
permitted by Regulation T of the Federal Reserve Board and such procedures do not violate applicable law; (iv) if permitted by
the Committee, and subject to applicable law, by electing to have the Company treat the Participant as exercising the Option for
(A) the Purchased Shares plus (B) that number of additional Shares (which shall be withheld and canceled by the Company) so that
the aggregate difference between the aggregate Fair Market Value of such additional Shares and the aggregate Option Price of such
additional Shares is equal to the aggregate Option Price of the Purchased Shares plus the amount of any withholding taxes; (v)
by a combination of any of the foregoing methods; or (vi) by such other method as the Committee may approve, to the extent permitted
by applicable law. Payment of the Option Price and any required withholding taxes must be received by the time specified by the
Committee depending on the type of payment being made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(g) <U>Annual Limit on Incentive Options</U>. To the extent that the aggregate Fair Market Value (determined at the time the
Option is granted) of Shares with respect to which any Participant may first exercise Incentive Options (granted under this Plan
and all other equity compensation plans of the Company) during any calendar year exceeds $100,000 or such other amount as shall
be specified in Section 422 of the Code and rules and regulations thereunder, such excess Incentive Options shall be treated as
Nonstatutory Options.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>8. <U>SARs</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a) <U>General Requirements</U>. The Committee may grant SARs to any Employee or Non-Employee Director, upon such terms and
conditions as the Committee deems appropriate under this <I>Section 8</I> hereof. Each SAR shall represent the right, upon settlement
of the SAR, to receive an amount equal to the product obtained by multiplying (i) the number of Shares with respect to which the
SAR is exercised by (ii) an amount equal to the excess of (A) the Fair Market Value per Share on the date of exercise of the SAR
over (B) either (1) the Fair Market Value per Share on the Award Date in the case of a Freestanding SAR or (2) the Option Price
of the Related Option in the case of either a Tandem SAR or an Additive SAR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b) <U>Terms of SARs</U>. The Committee shall determine the terms and conditions of SARs and may grant SARs in the following
forms:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(i) in connection with the grant, and exercisable in lieu of, Options (a &ldquo;Tandem SAR&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(ii) in connection with and exercisable in addition to the grant of Options (a &ldquo;Additive SAR&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(iii) independent of the grant of the Options (a &ldquo;Freestanding SAR&rdquo;); or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(iv) in any combination of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">The Committee will determine the number
and form of SARs to be granted, the base amount, the vesting and other restrictions applicable to SARs and the period during which
SARs will remain exercisable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c) <U>Payment With Respect to SARs</U>. The Committee shall determine whether the amount to be paid upon settlement of the
SAR shall be paid in the form of cash, in Shares, or in a combination of the two, in such proportion as the Committee deems appropriate.
For purposes of calculating the number of Shares to be received, Shares shall be valued at its Fair Market Value on the date of
exercise of the SAR. If Shares are to be received upon exercise of an SAR, cash shall be delivered in lieu of any fractional share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d) <U>Requirement of Employment or Service</U>. The Committee shall determine in the Grant Agreement under what circumstances
a Participant may retain SARs after termination of the Participant&rsquo;s employment or service, and the circumstances under which
SARs may be forfeited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>9. <U>Stock Awards</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a) <U>General Requirements</U>. The Committee may issue or transfer Shares to an Employee or a Non-Employee Director under
a Stock Award, upon such terms and conditions as the Committee deems appropriate under this <I>Section 9</I> hereof. Shares issued
or transferred pursuant to Stock Awards may be issued or transferred for cash consideration or for no cash consideration, and subject
to restrictions or no restrictions, as determined by the Committee. The Committee may establish conditions under which restrictions
on Stock Awards shall lapse over a period of time or according to such other criteria as the Committee deems appropriate, including
restrictions based upon the achievement of specific performance goals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b) <U>Number of Shares</U>. The Committee shall determine the number of Shares to be issued or transferred pursuant to a Stock
Award and any restrictions applicable to such shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c) <U>Requirement of Employment or Service</U>. The Committee shall determine in the Grant Agreement under what circumstances
a Participant may retain Stock Awards after termination of the Participant&rsquo;s employment or service, and the circumstances
under which Stock Awards may be forfeited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d) <U>Restrictions on Transfer</U>. For so long as Stock Awards are subject to restrictions, a Participant may not sell, assign,
transfer, pledge or otherwise dispose of the Shares granted thereby except upon death as described in <I>Section 14</I> hereof.
Each certificate, or electronic book entry equivalent, for a Share granted pursuant to a Stock Award shall contain a legend giving
appropriate notice of the restrictions in the Grant. The Participant shall be entitled to have the legend removed when all restrictions
on such Shares have lapsed. The Committee may retain possession of any stock certificates for Stock Awards until all restrictions
on such Shares have lapsed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e) <U>Right to Vote and to Receive Dividends</U>. The Committee shall determine to what extent, and under what conditions,
the Participant shall have the right to vote Shares awarded pursuant to a Stock Award and to receive any dividends or other distributions
paid on such Shares during the restriction period. The Committee may determine that a Participant&rsquo;s entitlement to dividends
or other distributions with respect to a Stock Award shall be subject to achievement of performance goals or other conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>10. <U>Dividend Equivalents</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a) <U>General Requirements</U>. When the Committee makes a Grant under the Plan, the Committee may grant Dividend Equivalents
in connection with such Grants, under such terms and conditions as the Committee deems appropriate under this <I>Section 10</I>.
Dividend Equivalents may be paid to Participants currently or may be deferred, as determined by the Committee and subject to <I>Section
12</I> hereof. All Dividend Equivalents that are not paid currently shall be credited to accounts on the Company&rsquo;s records
for purposes of the Plan. Dividend Equivalents may be accrued as a cash obligation, or may be converted to Stock Units for the
Participant, as determined by the Committee. Unless otherwise specified in the Grant Agreement, deferred Dividend Equivalents will
not accrue interest. The Committee may provide that Dividend Equivalents shall be payable based on the achievement of specific
performance goals or other conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b) <U>Payment with Respect to Dividend Equivalents</U>. Dividend Equivalents may be payable in cash or Shares or in a combination
of the two, as determined by the Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>11. <U>Other Stock-Based Awards</U>.</B> The Committee may grant other awards that are cash-based or based on, measured by or
payable in Shares to Employees or Non-Employee Directors, on such terms and conditions as the Committee deems appropriate under
this <I>Section 11</I>. Other Stock-Based Awards may be granted subject to achievement of performance goals or other conditions
and may be payable in Shares or cash, or in a combination of the two, as determined by the Committee in the Grant Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>12. <U>Deferrals</U></B>. To the extent permitted by applicable law, including Section 409A of the Code and the corresponding
U.S. Department of the Treasury regulations and rulings, the Committee may permit or require a Participant to defer receipt of
the payment of cash or the delivery of Shares that would otherwise be due to the Participant in connection with any Grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>13. <U>Withholding of Taxes</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a) <U>Required Withholding</U>. All Grants under the Plan shall be subject to applicable federal (including FICA), state and
local tax withholding requirements. The Company may (i) require that the Participant or other person receiving or exercising Grants
pay to the Company the amount of any federal, state or local taxes that the Company is required to withhold with respect to such
Grants, or (ii) to the extent permitted by applicable law, deduct from other wages paid by the Company the amount of any withholding
taxes due with respect to such Grants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b) <U>Election to Withhold Shares</U>. If the Committee permits, a Participant may elect to satisfy the Company&rsquo;s tax
withholding obligation with respect to Grants paid in Shares by having Shares withheld, at the time such Grants become taxable,
up to an amount that does not exceed the minimum applicable withholding tax rate for federal (including FICA), state and local
tax liabilities. Such election must be in a form and manner prescribed by the Committee and may be subject to the prior approval
of the Committee. The value of the Shares to be withheld shall be based on the Fair Market Value of such Shares on the date that
the amount of tax to be withheld is to be determined. All elections by a Participant shall be irrevocable and be made in writing
and in such manner as determined by the Committee in advance of the day that the transaction becomes taxable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>14. <U>Transferability of Grants</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a) <U>In General</U>. Except as provided in this <I>Section 14</I>, only the Participant may exercise rights under a Grant
during the Participant&rsquo;s lifetime. A Participant may not transfer those rights except by will or by the laws of descent and
distribution, or, with respect to Grants other than Incentive Stock Options, if permitted in any specific case by the Committee,
pursuant to a domestic relations order. When a Participant dies, the Successor Participant may exercise such rights in accordance
with the terms of the Plan. A Successor Participant must furnish proof satisfactory to the Company of his or her right to receive
the Grant under the Participant&rsquo;s will or under the applicable laws of descent and distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b) <U>Transfer of Nonqualified Stock Options</U>. Notwithstanding the foregoing, the Committee may provide in a Grant Agreement
that a Participant may transfer Nonqualified Stock Options to family members or other persons or entities, consistent with applicable
securities laws, according to such terms as the Committee may determine; provided that the Participant receives no consideration
for the transfer of a Nonqualified Stock Option and the transferred Nonqualified Stock Option shall continue to be subject to the
same terms and conditions as were applicable to the Nonqualified Stock Option immediately before the transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>15. <U>Consequences of a Change in Control</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a) <U>Notice and Acceleration</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(i) If and to the extent practicable, the Company shall provide written notice to each Participant with outstanding Grants of
any proposed Change in Control not less than 15 days prior to its effective date, and (A) upon delivery of such notice, (1) all
outstanding Options shall automatically vest and become fully exercisable, (2) the restrictions and conditions on all outstanding
Stock Awards shall immediately lapse, and (3) all outstanding SARs, Dividend Equivalents and Other Stock-Based Awards that are
payable in Shares shall automatically vest and become exercisable or payable, and (B) all outstanding SARs, Dividend Equivalents
and Other Stock-Based Awards that are payable in cash shall vest and become exercisable or payable as of the effective time of
the Change in Control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(ii) If <I>Section 15(a)(i)</I> does not apply, then (A) the Company shall, as soon as is reasonably practicable following a
Change in Control, provide written notice thereof to each Participant with outstanding Grants, and (B) upon such Change in Control,
(1) all outstanding Options and SARs shall automatically vest and become fully exercisable, (2) the restrictions and conditions
on all outstanding Stock Awards shall immediately lapse, and (3) all outstanding Dividend Equivalents and Other Stock-Based Awards
that are payable in Shares or cash shall automatically vest and become payable in Shares or cash, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b) <U>Other Alternatives</U>. Notwithstanding anything to the contrary contained in this Plan or in any Grant Agreement, except
to the extent that the exercise of such discretion would give rise to adverse tax consequences under Section 409A of the Code,
the Committee may, in its sole discretion, require a Participant to exchange or settle his or her outstanding Grants for a cash
payment upon the consummation of a Change in Control, determined on the basis of the fair market value that would be received in
such Change in Control by the holders of the Company&rsquo;s securities relating to such Grants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c) <U>Assumption of Obligations</U>. If the Company experiences a Change in Control in which it is not the surviving corporation
(or survives only as a subsidiary of another corporation), then (i) all outstanding Options and SARs that have not been exercised
in full prior to the effective time of the Change in Control shall be assumed by, or replaced with comparable options or stock
appreciation rights granted by, the surviving corporation (or a parent or subsidiary of the surviving corporation), and (ii) the
surviving corporation shall fulfill the Company&rsquo;s obligations with respect to any other Grant that became payable pursuant
to this <I>Section 15</I> but which was not paid or otherwise satisfied at or prior to the effective time of the Change in Control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d) <U>Modifications</U>. The terms of this <I>Section 15</I> may be varied by the Committee in any particular Grant Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>16. <U>Requirements for Issuance of Shares</U></B>. No Shares shall be issued or transferred in connection with any Grant hereunder
unless and until all legal requirements applicable to the issuance of such Shares have been complied with to the satisfaction of
the Committee. The Committee shall have the right to condition any Grant made to any Participant hereunder on such Participant&rsquo;s
undertaking in writing to comply with such restrictions on his or her subsequent disposition of such Shares as the Committee shall
deem necessary or advisable, and certificates representing such shares may be legended to reflect any such restrictions. The Committee
may require each Person acquiring Shares pursuant to a Grant to represent to and agree with the Company in writing that such Person
is acquiring the Shares for investment purposes and without a view to the distribution thereof. Certificates representing Shares
issued or transferred under the Plan will be subject to such stop-transfer orders and other restrictions as may be required by
applicable laws, regulations and interpretations, including any requirement that a restrictive or other legend be placed thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>17. <U>Amendment of the Plan</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a) <U>Amendment</U>. The Board may amend the Plan at any time; <I>provided, however</I>, that the Board shall not amend the
Plan without approval of the shareholders of the Company if such approval is required to comply with the Code or applicable laws,
or to comply with applicable stock exchange requirements. In addition, the Committee may at any time, in its sole discretion, alter
or amend any or all of the outstanding Grant Agreements to the extent not prohibited by law. Notwithstanding the foregoing, however,
no amendment, alteration, or termination of this Plan or of any Grant Agreement shall, without the consent of the Participant,
impair any rights or obligations under any Grant previously made to the Participant, unless such right has been reserved in the
Plan or the Grant Agreement, or except as provided in <I>Section 19(b)</I> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b) <U>No Repricing Without Shareholder Approval</U>. Notwithstanding anything in the Plan to the contrary, without the prior
approval of the Company&rsquo;s shareholders, no Grant under the Plan may be repriced, replaced, regranted through cancellation,
or modified if the effect would be to reduce the exercise price for the Shares underlying such Grant; <I>provided, however</I>,
that the foregoing shall not apply to any adjustment made to a Grant pursuant to <I>Section 5(d)</I> hereof. In addition, without
the prior approval of the Company&rsquo;s shareholders, the Committee may not cancel an outstanding Grant that is underwater for
the purpose of granting a replacement Grant of a different type.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>18. <U>Duration of the Plan</U>. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a) Except as provided in <I>paragraph (b)</I> of this <I>Section 18</I>, no Grant shall be made under the Plan following the
earlier of (i) the date on which all of the Shares authorized for issuance under <I>Section 5</I> of the Plan have been issued
(as a result of the exercise, vesting or payment of Grants) or are otherwise no longer available for issuance under this Plan and
(ii) the date on which the Board terminates the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b) Notwithstanding <I>paragraph (a)</I> of this <I>Section 18</I>, no Incentive Stock Option may be granted under the Plan
following March 7, 2028 (<I>i.e.</I>, 10 years following the date on which the Plan was approved by the Board).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c) On and after the dates specified in <I>paragraph (a)</I> and <I>paragraph (b) </I>of this <I>Section 18</I>, the Plan shall
continue in effect until all outstanding Grants have been exercised or paid in full or are no longer exercisable or payable (whether
by forfeiture, lapse and/or the expiration of their terms).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>19. <U>Miscellaneous</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a) <U>Grants in Connection with Corporate Transactions and Otherwise</U>. Nothing contained in this Plan shall be construed
to (i) limit the right of the Committee to make Grants under this Plan in connection with the acquisition, by purchase, lease,
merger, consolidation or otherwise, of the business or assets of any corporation, firm or association, including Grants to employees
thereof who become Employees, or for other proper corporate purposes, or (ii) limit the right of the Company to grant stock options
or make other awards outside of this Plan. Without limiting the foregoing, the Committee may make a Grant to an employee of another
corporation who becomes an Employee by reason of a corporate merger, consolidation, acquisition of stock or property, reorganization
or liquidation involving the Company in substitution for a grant made by such corporation. The terms and conditions of the substitute
Grants may vary from the terms and conditions required by the Plan and from those of the substituted stock incentives. The Committee
shall prescribe the provisions of the substitute Grants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b) <U>Compliance with Law</U>. The Plan, the exercise of Options and the obligations of the Company to issue or transfer Shares
under Grants shall be subject to all applicable laws and to approvals by any governmental or regulatory agency as may be required.
With respect to persons subject to Section 16 of the Exchange Act, it is the intent of the Company that the Plan and all transactions
under the Plan comply with all applicable provisions of Rule 16b-3 or its successors under the Exchange Act. In addition, it is
the intent of the Company that the Plan and applicable Grants comply with the applicable provisions of Sections 409A and 422 of
the Code. To the extent that any legal requirement of Section 16 of the Exchange Act or Sections 409A or 422 of the Code as set
forth in the Plan ceases to be required under Section 16 of the Exchange Act or Sections 409A or 422 of the Code, that Plan provision
shall cease to apply. Notwithstanding anything to the contrary contained in this Plan, the Board may amend the Plan and the Committee
may revoke or modify any Grant, to take effect retroactively or otherwise, as deemed necessary or advisable for the purpose of
conforming the Plan or a Grant to any present or future law relating to plans of this or similar nature (including, but not limited
to, Code Section 409A), and to the administrative regulations and rulings promulgated thereunder. The Committee may also adopt
rules regarding the withholding of taxes on payments to Participants. The Committee may, in its sole discretion, agree to limit
its authority under this <I>Section</I>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c) <U>Enforceability</U>. The Plan shall be binding upon and enforceable against the Company and its successors and assigns.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d) <U>Funding of the Plan; Limitation on Rights</U>. This Plan shall be unfunded. Neither the Company nor any other company
shall be required to establish any special or separate fund or to make any other segregation of assets to assure the payment of
any Grants under this Plan. Nothing contained in the Plan and no action taken pursuant hereto shall create or be construed to create
a fiduciary relationship between the Company or any other company and any Participant or any other person. No Participant or any
other person shall under any circumstances acquire any property interest in any specific assets of the Company or any other company.
To the extent that any person acquires a right to receive payment from the Company hereunder, such right shall be no greater than
the right of any unsecured general creditor of the Company.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e) <U>Other Compensation Arrangements; Claim to Grants; Employment Rights</U>. Nothing contained in this Plan shall prevent
the Board from adopting other or additional compensation arrangements, including trusts, and such arrangements may be either generally
applicable or applicable only in specific cases. Nothing in this Plan shall entitle any Employee or Non-Employee Director or other
Person to any claim or right to receive a Grant under this Plan. Neither this Plan nor any action taken hereunder shall be construed
as giving any Person any rights to be retained by or in the employment or service of the Company or any of its Affiliates.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in; background-color: white">(f) <U>No Liability of Committee Members</U>. No member of the Committee or any delegate of the Committee (each, an &ldquo;Indemnified
Person&rdquo;) shall be personally liable by reason of any contract or other instrument executed by such Indemnified Person or
on his behalf in his capacity as a member of the Committee or a delegate of the Committee nor for any mistake of judgment made
in good faith, and the Company shall indemnify and hold harmless each Indemnified Person and each other employee, officer or Director
of the Company to whom any duty or power relating to the administration or interpretation of this Plan may be allocated or delegated,
against any cost or expense (including counsel fees) or liability (including any sum paid in settlement of a claim) arising out
of any act or omission to act in connection with this Plan unless arising out of such person&rsquo;s own fraud or willful bad faith;
<I>provided, however,</I> that approval of the Board shall be required for the payment of any amount in settlement of a claim against
any such person. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which
such persons may be entitled under the Company&rsquo;s Articles of Incorporation or Bylaws, as a matter of law, or otherwise, or
any power that the Company may have to indemnify them or hold them harmless.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(g) <U>No Fractional Shares</U>. No fractional Shares shall be issued or delivered pursuant to the Plan or any Grant. The Committee
shall determine whether cash, other awards or other property shall be issued or paid in lieu of such fractional shares or whether
such fractional shares or any rights thereto shall be forfeited or otherwise eliminated.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(h) <U>Employees Subject to Taxation Outside the United States</U>. With respect to Participants who are subject to taxation
in countries other than the United States, the Committee may make Grants on such terms and conditions as the Committee deems appropriate
to comply with the laws of the applicable countries, and the Committee may create such procedures, addenda and subplans and make
such modifications as may be necessary or advisable to comply with such laws.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(i) <U>Governing Law</U>. The validity, construction, interpretation and effect of the Plan and Grant Agreements issued under
the Plan shall be governed and construed by and determined in accordance with the laws of the State of Maryland, without giving
effect to the conflict of laws provisions thereof that would apply the law of a another state.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(j) <U>Relationship to Other Benefits</U>. No payment under this Plan shall be taken into account in determining any contributions
or benefits under any pension, retirement, profit sharing, group insurance or other benefit plan of the Company or any Affiliate
except as otherwise specifically provided in such other plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(k) <U>Expenses</U>. The expenses of administering this Plan shall be borne by the Company and its Affiliates.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(l) <U>Pronouns</U>. Masculine pronouns and other words of masculine gender shall refer to both men and women.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(m) <U>Titles and Headings</U>. The titles and headings of the sections in this Plan are for convenience of reference only,
and in the event of any conflict, the text of this Plan, rather than such titles or headings shall control.</P>

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