<SEC-DOCUMENT>0001477932-21-000738.txt : 20210210
<SEC-HEADER>0001477932-21-000738.hdr.sgml : 20210210
<ACCEPTANCE-DATETIME>20210210171609
ACCESSION NUMBER:		0001477932-21-000738
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210210
DATE AS OF CHANGE:		20210210

SUBJECT COMPANY:	

	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:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-14237
		FILM NUMBER:		21615073

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Driver Management Co LLC
		CENTRAL INDEX KEY:			0001756372
		IRS NUMBER:				831994022
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		250 PARK AVENUE
		STREET 2:		7TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10177
		BUSINESS PHONE:		212-572-4811

	MAIL ADDRESS:	
		STREET 1:		250 PARK AVENUE
		STREET 2:		7TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10177
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>func_dfan14a.htm
<DESCRIPTION>DFAN14A
<TEXT>
<html><head><title>func_dfan14a.htm</title><!--Document created using EDGARMaster--></head><body style="TEXT-ALIGN: justify; FONT: 10pt times new roman; MARGIN-LEFT: 7%; MARGIN-RIGHT: 7%"><table style="font-size:1px;width:100%"> <tr > <td style="BORDER-BOTTOM: 5px solid;"></td></tr> <tr > <td style="BORDER-BOTTOM: 2px solid;"></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px"></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp; </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>UNITED STATES</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>SECURITIES AND EXCHANGE COMMISSION</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Washington, D.C. 20549</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:left;">&nbsp;&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong><font style="font-size:18pt">SCHEDULE 14A<br></font>(Rule 14a-101)&nbsp;</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:left;">&nbsp; &nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>INFORMATION REQUIRED IN PROXY STATEMENT</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">&nbsp;&nbsp;<br><strong>SCHEDULE 14A INFORMATION</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>&nbsp;&nbsp;&nbsp;&nbsp;<br>Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934<br>(Amendment No. )</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>&nbsp;</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Filed by the Registrant &#9744;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Filed by a Party other than the Registrant &#9746;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Check the appropriate box:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:left;line-height:normal;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:4%;vertical-align:top;"> <p style="margin:0px">&#9744;</p></td> <td colspan="2" style="vertical-align:top;"> <p style="margin:0px">Preliminary&nbsp; Proxy Statement</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px;text-indent:30px">&nbsp;</p></td> <td colspan="2"> <p style="margin:0px;text-indent:30px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="margin:0px">&#9744;</p></td> <td colspan="2" style="vertical-align:top;"> <p style="margin:0px">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px;text-indent:30px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px; TEXT-INDENT: 30px; text-align:left;">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="margin:0px">&#9744;</p></td> <td colspan="2" style="vertical-align:top;"> <p style="margin:0px">Definitive Proxy Statement</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px;text-indent:30px">&nbsp;</p></td> <td colspan="2"> <p style="margin:0px;text-indent:30px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="margin:0px">&#9744;</p></td> <td colspan="2" style="vertical-align:top;"> <p style="margin:0px">Definitive Additional Materials</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px;text-indent:30px">&nbsp;</p></td> <td colspan="2"> <p style="margin:0px;text-indent:30px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="margin:0px">&#9746;</p></td> <td colspan="2" style="vertical-align:top;"> <p style="margin:0px">Soliciting Material Under Rule 14a-12</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px"></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp; </p> <table style="border-spacing:0;font-size:10pt;text-align:left;margin-left:auto;margin-right:auto;width:60%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;"> <p style="MARGIN: 0px; text-align:center;"><font style="font-size:18pt"><strong>FIRST UNITED CORPORATION</strong></font></p></td></tr> <tr style="height:15px"> <td> <p style="MARGIN: 0px; text-align:center;">(Name of Registrant as Specified in Its Charter)</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">DRIVER MANAGEMENT COMPANY LLC</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">DRIVER OPPORTUNITY PARTNERS I LP<br><u>J. ABBOTT R. COOPER</u></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">(Name of Persons(s) Filing Proxy Statement, if Other Than the Registrant)</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp; </p> <table style="border-spacing:0;font-size:10pt;width:100%" cellpadding="0"> <tr style="height:15px"> <td></td> <td colspan="2" style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Payment of Filing Fee (Check the appropriate box):</p></td></tr> <tr style="height:15px"> <td style="width:4%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:4%;"> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="margin:0px">&#9746;</p></td> <td style="vertical-align:top;"> <p style="margin:0px">No fee required.</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="margin:0px">&#9744;</p></td> <td style="vertical-align:top;"> <p style="margin:0px">Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td></td> <td colspan="2" style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Title of each class of securities to which transaction applies:</p></td></tr> <tr style="height:15px"> <td></td> <td style="BORDER-BOTTOM: #000000 1px solid;" colspan="2"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td> <p style="MARGIN: 0px; text-align:justify;">&nbsp;</p></td></tr> <tr style="height:15px"> <td></td> <td colspan="2" style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Aggregate number of securities to which transaction applies:</p></td></tr> <tr style="height:15px"> <td></td> <td style="BORDER-BOTTOM: #000000 1px solid;" colspan="2"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td></td> <td colspan="2"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td></td> <td colspan="2"> <p style="margin:0px">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</p></td></tr> <tr style="height:15px"> <td></td> <td style="BORDER-BOTTOM: #000000 1px solid;" colspan="2"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td></td> <td colspan="2"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td></td> <td colspan="2"> <p style="margin:0px">Proposed maximum aggregate value of transaction:</p></td></tr> <tr style="height:15px"> <td></td> <td style="BORDER-BOTTOM: #000000 1px solid;" colspan="2"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td></td> <td colspan="2"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td></td> <td colspan="2"> <p style="margin:0px">Total fee paid:</p></td></tr> <tr style="height:15px"> <td></td> <td style="BORDER-BOTTOM: #000000 1px solid;" colspan="2"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td></td> <td colspan="2"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td>&#9744;</td> <td> <p style="margin:0px">Fee paid previously with preliminary materials:</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="margin:0px">&#9744;</p></td> <td> <p style="margin:0px">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the form or schedule and the date of its filing.</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td></td> <td colspan="2"> <p style="MARGIN: 0px; text-align:justify;">Amount previously paid:</p></td></tr> <tr style="height:15px"> <td></td> <td style="BORDER-BOTTOM: #000000 1px solid;" colspan="2"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td></td> <td colspan="2"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td></td> <td colspan="2"> <p style="margin:0px">Form, Schedule or Registration Statement No.:</p></td></tr> <tr style="height:15px"> <td></td> <td style="BORDER-BOTTOM: #000000 1px solid;" colspan="2"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td></td> <td colspan="2"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td></td> <td colspan="2"> <p style="margin:0px">Filing Party:</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;" colspan="2"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td colspan="2"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td colspan="2"> <p style="margin:0px">Date Filed:</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;" colspan="2"> <p style="margin:0px">&nbsp;</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;&nbsp;&nbsp;&nbsp; </p> <table style="font-size:1px;width:100%"> <tr > <td style="BORDER-BOTTOM: 2px solid;"></td></tr> <tr > <td style="BORDER-BOTTOM: 5px solid;"></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px"></p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="TEXT-INDENT: 0px;"></td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px"></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp; &nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 45px; text-align:justify;">Driver Management Company LLC, together with the other participants named herein (collectively, &#8220;Driver&#8221;), has filed a preliminary proxy statement and accompanying WHITE proxy card with the Securities and Exchange Commission (the &#8220;SEC&#8221;) to be used to solicit votes for the election of its nominee at the upcoming annual meeting of shareholders of First United Corporation, a Maryland corporation (the &#8220;First United&#8221;).</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 45px; text-align:justify;">Item 1: On February 10, 2021, J. Abbott R. Cooper, Driver&#8217;s managing member, sent the below letter to Tonya Sturm, First United&#8217;s Chief Financial Officer and Secretary:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp; &nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">DRIVER MANAGEMENT COMPANY LLC</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">250 Park Avenue, 7th Floor</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">New York, NY 10177</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">646-360-0791</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">February 10, 2021</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp; &nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Ms. Tonya Sturm<br>Chief Financial Officer and Secretary<br>First United Corporation<br>19 South Second Street<br>Oakland, MD 21550</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">VIA EMAIL</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp; &nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Dear Tonya,</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">To follow up on our recent email exchanges, could you please provide answers to the following questions regarding shares (&#8220;<u>Shares</u>&#8221;) of the common stock of First United Corporation (&#8220;<u>First United</u>&#8221;) purchased by the Trust Department (the &#8220;<u>Trust Department</u>&#8221;) of First United Bank &amp; Trust (the &#8220;<u>Bank</u>&#8221;) using assets of First United&#8217;s noncontributory defined benefit pension plan (the &#8220;<u>Pension Plan</u>&#8221;)?</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp; </p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:justify;margin-left:auto;line-height:normal;margin-right:auto;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:4%;vertical-align:top;"> <p style="margin:0px">1. </p></td> <td style="vertical-align:top;">While a Schedule 13G/A filed on January 20, 2020 indicated that the Bank (presumably the Trust Department) had &#8220;<em>sole voting power and sole dispositive power</em>&#8221; with respect to 194,124 Shares (including any Shares subsequently purchased by the Pension Plan, the &#8220;<u>Pension Plan Shares</u>&#8221;) owned by the Pension Plan (representing 2.78% of issued and outstanding Shares), a separate Schedule 13 G/A filed <em>five days later</em> on January 25, 2021 indicated that the Bank did not have either sole voting power or sole dispositive power with respect to the Pension Plan Shares.<sup>1</sup> Your prior emails advises that the Bank &#8220;has no investment discretion with respect to any&#8221; Shares. If not the Bank, <strong><em>who has voting power with respect to the Pension Plan Shares? </em></strong></td></tr> <tr style="height:15px"> <td> <p style="margin:0px;text-indent:30px">&nbsp;</p></td> <td> <p style="margin:0px;text-indent:30px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="margin:0px">2. </p></td> <td style="vertical-align:top;">In a Form 8-K filed on November 25, 2019, First United disclosed that the Board of Directors (the &#8220;Board&#8221;) &#8220;<em>authorized</em>&#8221; the Trust Department to buy Shares using the Pension Plan&#8217;s assets.<sup>2</sup> <strong><em>Does the Board have voting power and/or dispositive power with respect to the Pension Plan Shares?</em></strong></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">_______________</p> <p style="font-size:10pt;font-family:times new roman;margin:0px"><sup>1 </sup>See https://www.sec.gov/Archives/edgar/data/763907/000110465921005659/tm213617d1_sc13ga.htm and</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">https://www.sec.gov/Archives/edgar/data/763907/000110465921007144/tm213999d1_sc13ga.htm; percentage ownership based on 6,988,998</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">Shares issued and outstanding as of October 31, 2020. </p> <p style="font-size:10pt;font-family:times new roman;margin:0px">See https://www.sec.gov/ix?doc=/Archives/edgar/data/763907/000156276220000409/func-20200930x10q.htm </p> <p style="font-size:10pt;font-family:times new roman;margin:0px"><sup>2</sup>https://www.sec.gov/Archives/edgar/data/763907/000110465919067051/tm1923845d1_8k.htm</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp; </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">2</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:justify;margin-left:auto;line-height:normal;margin-right:auto;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:4%;vertical-align:top;"> <p style="margin:0px">3. </p></td> <td style="vertical-align:top;">According to a Form 10-Q/A filed by First United on September 4, 2020, during March 2020, the Trust Department purchased 97,128 Shares (the &#8220;<u>March Shares</u>&#8221;), representing 1.39% of issued and outstanding Shares.<sup>3</sup> These shares were purchased immediately prior to the record date of April 7, 2020 for First United&#8217;s 2020 annual meeting of shareholders (the &#8220;<u>2020 Annual Meeting</u>&#8221;). Particularly given that a contested election for directors to be elected at the 2020 Annual Meeting was underway, <strong><em>why didn&#8217;t First United disclose that the Trust Department had purchased the March Shares until September 4, 2020, almost four months after the 2020 Annual Meeting?</em></strong></td></tr> <tr style="height:15px"> <td> <p style="margin:0px;text-indent:30px">&nbsp;</p></td> <td> <p style="margin:0px;text-indent:30px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="margin:0px">4. </p></td> <td style="vertical-align:top;">First United disclosed the beneficial ownership of Shares by members of the Board in a proxy statement (the &#8220;<u>Proxy Statement</u>&#8221;) filed April 17, 2020.<sup>4</sup> <strong><em>If the Board had sole voting power and sole dispositive power with respect to the March Shares, why didn&#8217;t First United disclose that fact&#8212;which a reasonably investor might consider material&#8212;either in the beneficial ownership table or elsewhere in the Proxy Statement?</em></strong></td></tr> <tr style="height:15px"> <td> <p style="margin:0px;text-indent:30px">&nbsp;</p></td> <td> <p style="margin:0px;text-indent:30px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="margin:0px">5. </p></td> <td style="vertical-align:top;">The March Shares appear to be held in a fiduciary capacity for the benefit of participants in the Pension Plan and presumably are subject to the rules and regulations promulgated by the United States Department of Labor regarding proxy voting by employee benefit plans. <strong><em>To the extent the Board had voting power with respect to the March Shares, what safeguards existed to ensure that the March Shares were voted in the best financial interests of Pension Plan participants and not blindly voted in favor of the Board&#8217;s nominees in order to protect an entrenched Board?</em></strong></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp; </p> <p style="font-size:10pt;font-family:times new roman;margin:0px">I would expect you would want to publicly disclose the answers to these questions to all First United shareholders, so there is no need to get back to me directly unless you would like me to clarify any of the above questions.</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp; </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:50%;">&nbsp;</td> <td style="width:3%;">&nbsp;</td> <td style="width:35%;"> <p style="margin:0px">Thank you for your assistance in this matter,</p></td> <td style="width:12%;">&nbsp;</td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-INDENT: 45px;">/s/ Abbott</td> <td>&nbsp;</td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp; &nbsp;</p> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong><u>CERTAIN INFORMATION CONCERNING THE PARTICIPANTS</u></strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">Driver Management Company LLC, together with the other participants named herein (collectively, &#8220;Driver&#8221;), has filed a preliminary proxy statement and accompanying WHITE proxy card with the Securities and Exchange Commission (&#8220;SEC&#8221;) to be used to solicit votes for the election of its director nominee at the 2021 annual meeting of stockholders of First United Corporation, a Maryland corporation (the &#8220;Corporation&#8221;).</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">DRIVER STRONGLY ADVISES ALL STOCKHOLDERS OF THE CORPORATION TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC&#8217;S WEB SITE AT <u>HTTP://WWW.SEC.GOV</u>. IN ADDITION, THE PARTICIPANTS IN THIS PROXY SOLICITATION WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANTS&#8217; PROXY SOLICITOR.</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">_________________</p> <p style="font-size:10pt;font-family:times new roman;margin:0px"><sup>3</sup>Based on 6,966,898 Shares issued and outstanding as of April 30, 2020. See https://www.sec.gov/Archives/edgar/data/763907/000110465920102671/tm2030269d1_10qa.htm </p> <p style="font-size:10pt;font-family:times new roman;margin:0px"><sup>4</sup>https://www.sec.gov/Archives/edgar/data/763907/000110465920048280/tm2016149d1_defc14a.htm </p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp; </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">3</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Participants in the Solicitation</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">The participants in the proxy solicitation are anticipated to be Driver Management Company LLC (&#8220;Driver Management&#8221;), Driver Opportunity Partners I LP (&#8220;Driver Opportunity&#8221;) and J. Abbott R. Cooper.</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">As of the date hereof, the participants in the proxy solicitation beneficially own in the aggregate 360,737 shares of Common Stock, par value $0.01 per share, of the Corporation (the &#8220;Common Stock&#8221;). As of the date hereof, Driver Opportunity owns directly 360,737 shares of Common Stock. Driver Management, as the general partner of Driver Opportunity, may be deemed to beneficially own the shares of Common Stock directly owned by Driver Opportunity. Mr. Cooper, as the Managing Member of Driver Management, may be deemed to beneficially own the shares of Common Stock directly beneficially owned by Driver Opportunity. </p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp; </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">4</td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p><body>
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