<SEC-DOCUMENT>0001104659-21-025767.txt : 20210219
<SEC-HEADER>0001104659-21-025767.hdr.sgml : 20210219
<ACCEPTANCE-DATETIME>20210219161711
ACCESSION NUMBER:		0001104659-21-025767
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210219
DATE AS OF CHANGE:		20210219

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:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-14237
		FILM NUMBER:		21655816

	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>
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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; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>SECURITIES AND
EXCHANGE COMMISSION</B></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM <FONT ID="xdx_906_edei--DocumentType_c20210219__20210219_z6D8eBEyIIx5">8-K</FONT></B></P>

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<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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported): <FONT ID="xdx_903_edei--DocumentPeriodEndDate_c20210219__20210219_zeZhqXYsqxI5">February 19, 2021</FONT></P>

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its charter)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="text-decoration: underline"><FONT ID="xdx_90B_edei--EntityAddressAddressLine1_c20210219__20210219_zlRx0QsGSfj7">19 South Second Street</FONT>, <FONT ID="xdx_904_edei--EntityAddressCityOrTown_c20210219__20210219_z3ElSoNApiY5">Oakland</FONT>, <FONT ID="xdx_909_edei--EntityAddressStateOrProvince_c20210219__20210219_zoJXoBC5G083">Maryland</FONT> <FONT ID="xdx_90A_edei--EntityAddressPostalZipCode_c20210219__20210219_zyGJspwslC2l">21550</FONT></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">(Registrant&#8217;s
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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="text-decoration: underline">N/A</FONT></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>
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<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>

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    <TD STYLE="text-align: justify">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR>
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    <TD STYLE="text-align: justify">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR>
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    <TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR>
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    <TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">Securities registered pursuant
to Section 12(b) of the Act:</P>

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<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 &#167;230.405) or Rule 12b-2 of the Securities Exchange
Act of 1934 (17 CFR &#167;240.12b-2).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 4in">Emerging growth company
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<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"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

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<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; text-align: center"><B>INFORMATION TO BE INCLUDED IN THE REPORT</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 8.01 Other Events.</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">First United Corporation (&#8220;First United&#8221;)
is filing this report to respond to, and provide clarifying information regarding, a letter dated February 10, 2021 that Driver
Management LLC (&#8220;Driver&#8221;) filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;) relating to shares
of First United common stock (the &#8220;Common Stock&#8221;) that were acquired and are held by the First United Corporation noncontributory
defined benefit pension plan (the &#8220;Pension Plan&#8221;), for which the trust department (the &#8220;Trust Department&#8221;)
of First United Bank &amp; Trust (the &#8220;Bank&#8221;) serves as the administrator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On November 25, 2019, First United filed a Current Report on
Form 8-K (the &#8220;November 25 Form 8-K&#8221;) with the SEC in which it disclosed, among other things, that it had authorized
the Trust Department to use up to 10% of the Pension Plan&#8217;s assets to purchase up to 150,000 shares of Common Stock to be
held as an investment.&#160; In March 2020, the Trust Department purchased 97,128 shares of Common Stock on behalf of the Pension
Plan.&#160; Information about this purchase was inadvertently omitted from the section of First United&#8217;s Quarterly Report
on Form 10-Q for the quarter ended March 31, 2020 (the &#8220;March 2020 Form 10-Q&#8221;) relating to issuer purchases of equity
securities.&#160; Promptly after discovering this oversight, on September 4, 2020, First United updated the March 2020 Form 10-Q
by filing an Amendment No. 1 thereto on Form 10-Q/A (as amended, the &#8220;Amended March 2020 Form 10-Q&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On January 25, 2021 and January 29, 2021,
in response to prior inquiries by Driver, Tonya Sturm, Senior Vice President and Chief Financial Officer of First United, provided
Driver with information regarding the beneficial ownership of the shares held by the Pension Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">First United believes that its authorization and the Trust
Department&#8217;s subsequent purchases of shares complied with all applicable laws and regulations, including Rule 10b-18 promulgated
under the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), and the Employee Retirement Income Security
Act. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Trust Department has adopted
policies and procedures that apply to every account at the Bank in which shares of Common Stock are to be acquired and held.
These policies and procedures require the account holder to execute a written authorization pursuant to which the account
holder expressly (i) authorizes the Trust Department to purchase the shares, (ii) authorizes the Trust Department to retain
such shares until the account holder directs the Trust Department otherwise, and (iii) relieves the Trust Department from any
liability arising from such purchase or retention. The Trust Department required First United to execute such an
authorization in connection with the Pension Plan&#8217;s purchase of shares of Common Stock. In addition, the instruments
governing the Pension Plan prohibit the Trust Department from exercising any investment or voting discretion with respect to
any assets that are purchased by the Pension Plan at the direction of First United, including the shares of Common Stock; these instruments provide that all voting and investment discretion with respect to such assets shall be vested in First United. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Accordingly, the Bank does not beneficially
own the shares of Common Stock that are held in the Pension Plan, including for purposes of Section 13(d) or Section 13(f) of the
Exchange Act. As disclosed in the Explanatory Note to the Bank&#8217;s Amendment No. 9 to Schedule 13G on Schedule 13G/A, filed
with the SEC on January 25, 2021, the Bank&#8217;s Amendment No. 8 to such Schedule 13G in which it reported beneficial ownership
of Pension Plan shares was promptly updated to reflect this fact.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The shares purchased for the Pension Plan
in March 2020, of which First United is deemed to be the beneficial owner, represented approximately 1.4% of the issued and outstanding
shares of Common Stock as of the record date for the 2020 annual meeting of shareholders, which was well below the disclosure threshold
imposed by Item 6(d) of Schedule 14A and Item 403 of the SEC&#8217;s Regulation S-K. First United believes that the information
regarding the beneficial ownership of shares of Common Stock set forth in its definitive proxy statement filed with respect to
the 2020 annual meeting of shareholders was accurate, complete, and complied in all material respects with the Exchange Act and
the rules promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Information regarding (i) First United&#8217;s stock purchase
plans, including authorizations relating to the Pension Plan, and (ii) purchases of shares of Common Stock by First United and
by the Trust Department during 2020 was disclosed in the November 25 Form 8-K, the Amended March 2020 Form 10-Q, First United&#8217;s
Quarterly Report on Form 10-Q, as amended by Amendment No. 1 on Form 10-Q/A, for the quarter ended June 30, 2020, First United&#8217;s
Current Report on Form 8-K, filed with the SEC on August 28, 2020, and First United&#8217;s Quarterly Report on Form 10-Q for the
quarter ended September 30, 2020.&#160; Information about any future purchases will be disclosed if, as, and when required by the
Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Important Additional Information</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">First United, its directors and certain
of its executive officers will be deemed to be participants in the solicitation of proxies from First United&#8217;s shareholders
in connection with First United&#8217;s 2021 annual meeting of shareholders. First United intends to file a definitive proxy statement
and a BLUE proxy card with the Securities and Exchange Commission (the &#8220;SEC&#8221;) in connection with any such solicitation
of proxies from First United shareholders. SHAREHOLDERS OF FIRST UNITED ARE STRONGLY ENCOURAGED TO READ SUCH PROXY STATEMENT,
ACCOMPANYING BLUE PROXY CARD AND ALL OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE
AS THEY WILL CONTAIN IMPORTANT INFORMATION. Exhibit 99.2 to First United&#8217;s Current Report on Form 8-K, filed with the SEC
on January 12, 2021 (&#8220;Exhibit 99.2&#8221;) contains information regarding the direct and indirect interests, by securities
holdings or otherwise, of First United&#8217;s directors and executive officers in First United&#8217;s securities. If the holdings
of First United&#8217;s securities change from the amounts provided in Exhibit 99.2, then such changes will be set forth in SEC
filings on Form 3, 4, and 5, which can be found through First United&#8217;s website at <FONT STYLE="text-decoration: underline">http://investors.mybank.com/</FONT> or
through the SEC&#8217;s website at <FONT STYLE="text-decoration: underline">www.sec.gov</FONT>. Information can also be found in First United&#8217;s other SEC filings,
including its Annual Report on Form 10-K for the year ended December 31, 2019. Updated information regarding the identity of potential
participants, and their direct or indirect interests, by security holdings or otherwise, will be set forth in the definitive proxy
statement and other materials to be filed with the SEC in connection with the 2021 annual meeting of shareholders. Shareholders
will be able to obtain the definitive proxy statement, any amendments or supplements to the proxy statement and other documents
filed by First United with the SEC at no charge at the SEC&#8217;s website at <FONT STYLE="text-decoration: underline">www.sec.gov</FONT>. Copies will also be available
at no charge at First United&#8217;s website at <FONT STYLE="text-decoration: underline">http://investors.mybank.com/</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9.01. Financial Statements and Exhibits.</B></P>

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

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

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<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>

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