<SEC-DOCUMENT>0001104659-23-041576.txt : 20230404
<SEC-HEADER>0001104659-23-041576.hdr.sgml : 20230404
<ACCEPTANCE-DATETIME>20230404165506
ACCESSION NUMBER:		0001104659-23-041576
CONFORMED SUBMISSION TYPE:	S-3DPOS
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20230404
DATE AS OF CHANGE:		20230404
EFFECTIVENESS DATE:		20230404

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:		S-3DPOS
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-180514
		FILM NUMBER:		23798828

	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>S-3DPOS
<SEQUENCE>1
<FILENAME>tm2311697d1_s3dpos.htm
<DESCRIPTION>S-3DPOS
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">As filed with the Office
of the Securities and Exchange Commission on April&nbsp;4, 2023</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: right">Registration No.&nbsp;333-180514</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>

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

<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">SECURITIES AND EXCHANGE COMMISSION</P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto; width: 25%"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<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>POST-EFFECTIVE AMENDMENT NO. 4</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;S-1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;S-3</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-align: center">REGISTRATION STATEMENT UNDER THE SECURITIES ACT
OF 1933</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: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FIRST UNITED CORPORATION</B></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; width: 49%">Maryland</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; width: 49%">52-1380770</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: center">(State or other jurisdiction of incorporation or
    organization</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: center">(IRS. Employer Identification Number)</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-align: center"><B>19 South Second Street, Oakland, Maryland 21550</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(888) 692-2654</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>(Address, including zip code, and telephone
number, including area code, of registrant&rsquo;s principal executive officers)</I></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-align: center"><B>Carissa L. Rodeheaver</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Chairman, President and Chief Executive Officer</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(888) 692-2654</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>(Name, address, including zip code, and telephone
number, including area code, of agent for service)</I></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-align: center"><I>Copies to:</I></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1001 Fleet Street, Suite&nbsp;700</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Baltimore</B></FONT><B>,
Maryland 21202</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(410) 576-4280</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"></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">Approximate date of commencement of proposed sale
to the public: As soon as practicable after the effective date of this Post-Effective Amendment.</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">If the only securities being registered on this
form are being offered pursuant to dividend or interest reinvestment plans, please check the following box. <FONT STYLE="font-family: Wingdings">&#120;</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; text-indent: 0.5in">If any of the securities being registered on this
form are to be offered on a delayed or continuous basis pursuant to Rule&nbsp;415 under the Securities Act of 1933, other than securities
offered only in connection with dividend or interest reinvestment plans, check the following box. <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; text-indent: 0.5in">If this form is filed to register additional securities
for an offering pursuant to Rule&nbsp;462(b)&nbsp;under the Securities Act, please check the following box and list the Securities Act
registration statement number of the earlier effective registration statement for the same offering. <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; text-indent: 0.5in">If this form is a post-effective amendment filed
pursuant to Rule&nbsp;462(c)&nbsp;under the Securities Act, check the following box and list the Securities Act registration statement
number of the earlier effective registration statement for the same offering. <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; text-indent: 0.5in">If this Form&nbsp;is a registration statement
pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission
pursuant to Rule&nbsp;462(e)&nbsp;under the Securities Act, check the following box. <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; text-indent: 0.5in">If this Form&nbsp;is a post-effective amendment
to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes
of securities pursuant to Rule&nbsp;413(b)&nbsp;under the Securities Act, check the following box. <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; text-indent: 0.5in">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company, or an emerging growth company.
See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting company&rdquo;
and &ldquo;emerging growth company&rdquo; in Rule&nbsp;12b-2 of the Exchange Act.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: left; text-indent: 0.5in">Large accelerated filer <FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: left">Accelerated filer <FONT STYLE="font-family: Wingdings">&#168;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0.5in">Non-accelerated filer <FONT STYLE="font-family: Wingdings">&#120;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Smaller reporting company <FONT STYLE="font-family: Wingdings">&#120;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0.5in">Emerging growth company <FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&nbsp;Section&nbsp;7(a)(2)(B)&nbsp;of the Securities Act</FONT>.
<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; text-indent: 0.5in"><B>The post-effective amendment will become effective
in accordance with the provisions of Section&nbsp;8(c)&nbsp;of the Securities Act of 1933, as amended.</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"></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"></P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>EXPLANATORY NOTE</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Post-Effective Amendment No.&nbsp;4 to Form&nbsp;S-1 on Form&nbsp;S-3 amends the Registration Statement, File No.&nbsp;333-180514 (the
 &ldquo;Registration Statement&rdquo;), of First United Corporation, which was originally filed on April&nbsp;2, 2012 (declared effective
on April&nbsp;18, 2012) and post-effectively amended on March&nbsp;25, 2013 (declared effective on March&nbsp;28, 2013), March&nbsp;31,
2014 (declared effective on April&nbsp;7, 2014), and March&nbsp;31, 2015 (converted to Form&nbsp;S-3 and automatically effective when
filed), to reflect changes to the Plan that will allow participants to make (i)&nbsp;recurring monthly optional cash investments by Automated
Clearing House debit transactions as well as (ii)&nbsp;one-time monthly optional cash investments rather than on each dividend payment
date. </FONT>In addition, this Post-Effective Amendment No.&nbsp;4 is being filed pursuant to the undertakings in Item 17 of the Registration
Statement to update the Prospectus contained in the Registration Statement to reflect current information.</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">No additional securities are being registered
under this Post-Effective Amendment No.&nbsp;4. All applicable registration fees were paid at the time of the original filing of the
Registration Statement.</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"><B>Prospectus</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-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="tm2311697d1_s3dposimg001.jpg" ALT="" STYLE="height: 72px; width: 303px"></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; text-align: center; background-color: white"><B>Dividend Reinvestment
and Stock Purchase Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>744,138 Shares of
Common Stock, Par Value $.01 Per Share</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">This prospectus relates to our sale of shares
of common stock, par value $.01 per share, to our shareholders under the First United Corporation Dividend Reinvestment and Stock Purchase
Plan, as amended, which we refer to as the &ldquo;Plan&rdquo;. Under the Plan, you have the opportunity to reinvest the cash dividends
paid on some or all of your shares of common stock in additional shares of common stock. You also have the opportunity to make optional
cash investments, of not less than <B>$50</B> per investment nor more than <B>$100,000</B> per calendar quarter, to purchase additional
shares of common stock. Certain transactions under the Plan are subject to fees and commission charges for which you will be responsible.
Please see the discussion of &ldquo;Costs&rdquo; in the section of this prospectus entitled &ldquo;DESCRIPTION OF THE PLAN&rdquo; for
further details regarding these fees and commission charges.</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">We have authorized the sale of up to 1,020,141
shares of common stock under the Plan since its inception. Of this number, 276,003 shares have been sold by us pursuant to a previously-filed
prospectus contained in a Registration Statement on Form&nbsp;S-3 (File No.&nbsp;33-26248). Pursuant to Rule&nbsp;429 of the Securities
Act of 1933, as amended, which we refer to as the &ldquo;Securities Act&rdquo;, this prospectus is a combined prospectus and relates
to the 744,138 shares that remain available for sale and issuance 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: 0.5in">Shares of common stock purchased by you may, at
our option, be newly issued shares, shares purchased in the open market, or shares purchased in negotiated transactions. If the Plan&rsquo;s
administrator, which we refer to as the &ldquo;Administrator&rdquo;, purchases newly issued shares for you, then the price for each share
will be the &ldquo;fair market value&rdquo; of a share, which the Plan defines as the average of the high and low sales prices of common
stock as quoted on The NASDAQ Stock Market for the 20 trading days immediately preceding the date of purchase. If the Administrator purchases
shares from anyone other than us, then the Administrator may combine your funds with funds of other participants and batch purchase types
(<I>i.e.</I>, combine reinvested dividends in one batch and combine optional cash investments of each type in separate batches), and
the price for each share will be the weighted average price per share paid by the Administrator for each investment batch of which your
investments are a part (excluding trading expenses, which we will pay).</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">Our common stock is listed on The NASDAQ Global
Select Market under the symbol &ldquo;FUNC&rdquo;. As of April&nbsp;3, 2023, the 20-day average of the high and low sales prices of the
common stock was $17.76 per share. On April&nbsp;3, 2023, the closing price of our common stock was $17.01 per 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: 0.5in">We will receive all of the net proceeds from sales
of newly issued shares to you. We will not receive any proceeds from sales of shares that the Administrator buys from persons other than
us.</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>Investing in our securities involves certain
risks. See &ldquo;<A HREF="#a_005">RISK FACTORS</A>&rdquo; on page&nbsp;5 of this prospectus.</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"></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>NEITHER THE SECURITIES AND EXCHANGE COMMISSION
NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS.
ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.</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>THE SECURITIES OFFERED HEREBY ARE NOT DEPOSIT
OR SAVINGS ACCOUNTS OR OTHER OBLIGATIONS OF ANY BANK OR NON-BANK SUBSIDIARY OF FIRST UNITED CORPORATION, AND THEY ARE NOT INSURED BY
THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY OR INSTRUMENTALITY.</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"></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>THE SECURITIES OFFERED HEREBY ARE NOT SAVINGS
OR DEPOSIT ACCOUNTS AND ARE NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY.</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">Our principal executive offices are located at
19 South Second Street, Oakland, Maryland 21550 and our telephone number is (888) 692-2654.</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>The date of this Prospectus is April&nbsp;4,
2023</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"></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: center"><B>TABLE OF CONTENTS</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 92%; text-align: left"><A HREF="#a_001">ABOUT THIS PROSPECTUS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: right"><A HREF="#a_001">3</A></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#a_002">A WARNING ABOUT FORWARD-LOOKING STATEMENTS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_002">3</A></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#a_003">FIRST UNITED CORPORATION</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_003">4</A></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#a_004">PLAN OVERVIEW</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_004">4</A></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#a_005">RISK FACTORS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_005">5</A></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#a_006">DESCRIPTION OF THE PLAN</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_006">5</A></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_007">PLAN OF DISTRIBUTION</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_007">14</A></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_008">USE OF PROCEEDS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_008">15</A></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#a_009">DESCRIPTION OF SECURITIES TO BE REGISTERED</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_009">15</A></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_010">EXPERTS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_010">15</A></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#a_011">LEGAL MATTERS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_011">15</A></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#a_012">WHERE YOU CAN FIND MORE INFORMATION</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_012">15</A></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#a_013">INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_013">16</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"></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: center"><A NAME="a_001"></A><B>ABOUT THIS PROSPECTUS</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
prospectus is part of a registration statement that we filed with the Securities and Exchange Commission, which we refer to as the &ldquo;SEC&rdquo;,
</FONT>relating to the shares of our common stock offered under the Plan. This prospectus does not include all of the information in
the registration statement. The registration statement containing this prospectus, including exhibits to the registration statement,
provides additional information about First United Corporation, the Plan, and the shares of common stock offered under the Plan. You
should carefully read this prospectus, especially the section entitled &ldquo;RISK FACTORS&rdquo; on page&nbsp;5, before making a decision
to invest in the shares offered. You should also carefully read the additional information described under the headings &ldquo;WHERE
YOU CAN FIND MORE INFORMATION&rdquo; on page&nbsp;14 and &ldquo;INCORPORATION OF CERTAIN INFORMATION BY REFERENCE&rdquo; on page&nbsp;15
before making a decision to invest in shares of common stock.</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">We have not authorized anyone to provide you with
different information. No dealer, salesperson or other person is authorized to give any information or to represent anything not contained
or incorporated by reference in this prospectus. You must not rely on any unauthorized information or representation. This prospectus
is an offer to sell only the securities offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so.
You should assume that the information in this prospectus is accurate only as of the date on the front of the document and that any information
we have incorporated by reference is accurate only as of the date of the document incorporated by reference, regardless of the time of
delivery of this prospectus or any sale of a security.</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">Unless otherwise mentioned or unless the context
requires otherwise, all references in this prospectus to &ldquo;First United&rdquo;, &ldquo;the Corporation&rdquo;, &ldquo;we&rdquo;,
 &ldquo;us&rdquo;, &ldquo;our&rdquo; and similar terms refer to First United Corporation.</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"><A NAME="a_002"></A><B>A WARNING ABOUT FORWARD-LOOKING STATEMENTS</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">Some of the statements contained, or incorporated
by reference, in this prospectus may include projections, predictions, expectations or statements as to beliefs or future events or results
or refer to other matters that are not historical facts. Such statements constitute forward-looking statements and are subject to known
and unknown risks, uncertainties and other factors that could cause the actual results to differ materially from those contemplated by
the statements. The forward-looking statements are based on various factors and were derived using numerous assumptions. In some cases,
you can identify these forward-looking statements by words like &ldquo;may&rdquo;, &ldquo;will&rdquo;, &ldquo;should&rdquo;, &ldquo;expect&rdquo;,
 &ldquo;plan&rdquo;, &ldquo;anticipate&rdquo;, &ldquo;intend&rdquo;, &ldquo;believe&rdquo;, &ldquo;estimate&rdquo;, &ldquo;predict&rdquo;,
 &ldquo;potential&rdquo;, or &ldquo;continue&rdquo; or the negative of those words and other comparable words. You should be aware that
those statements reflect only our predictions. If known or unknown risks or uncertainties should materialize, or if underlying assumptions
should prove inaccurate, actual results could differ materially from past results and those anticipated, estimated or projected. You
should bear this in mind when reading this prospectus and not place undue reliance on these forward-looking statements. Factors that
might cause such differences include, but are not limited to:</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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD>changes
                                            in market rates and prices may adversely impact the value of securities, loans, deposits
                                            and other financial instruments and the interest rate sensitivity of our balance sheet;</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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD>our
                                            liquidity requirements could be adversely affected by changes in our assets and liabilities;</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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD>the
                                            effect of legislative or regulatory developments, including changes in laws concerning taxes,
                                            banking, securities, insurance and other aspects of the financial services industry;</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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD>competitive
                                            factors among financial services organizations, including product and pricing pressures and
                                            our ability to attract, develop and retain qualified banking professionals;</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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD>the
                                            effect of changes in accounting policies and practices, as may be adopted by the Financial
                                            Accounting Standards Board, the SEC, the Public Company Accounting Oversight Board and other
                                            regulatory agencies; and</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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD>the
                                            effect of fiscal and governmental policies of the United States federal government.</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">You should also consider carefully the section
of this prospectus entitled &ldquo;RISK FACTORS&rdquo; on page&nbsp;5, including the statements incorporated by reference into that section,
and in the other sections of this prospectus, which address additional factors that could cause our actual results to differ from those
set forth in the forward-looking statements and could materially and adversely affect our business, operating results and financial condition.
Also note that we provide cautionary discussion of risks, uncertainties and possibly inaccurate assumptions relevant to our businesses
in our periodic and current reports filed with the SEC and incorporated by reference in this prospectus and in prospectus supplements
and other offering materials. The risks discussed in this prospectus and in the other documents referenced above are factors that, individually
or in the aggregate, management believes could cause our actual results to differ materially from expected and historical results. You
should understand that it is not possible to predict or identify all such factors. Consequently, you should not consider such disclosures
to be a complete discussion of all potential risks or uncertainties.</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">The forward-looking statements speak only as of
the date on which they are made, and, except to the extent required by federal securities laws, we undertake no obligation to update
any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence
of unanticipated events. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or
combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.</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"><A NAME="a_003"></A><B>FIRST UNITED CORPORATION</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">First United Corporation is a Maryland corporation
chartered in 1985 and a bank holding company registered with the Board of Governors of the Federal Reserve System under the Bank Holding
Company Act of 1956, as amended, that elected financial holding company status in 2021. Its primary business is serving as the parent
company of First United Bank&nbsp;&amp; Trust, a Maryland trust company, which we refer to as the &ldquo;Bank&rdquo;, First United Statutory
Trust I, which we refer to as &ldquo;Trust I&rdquo;, and First United Statutory Trust II, which, together with Trust I, we refer to as
the &ldquo;Trusts&rdquo;, both of which are Connecticut statutory business trusts, and First United Legacy Advisors, LLC, a Maryland
limited liability company (&ldquo;FULA&rdquo;). The Trusts were formed for the purpose of selling trust preferred securities that qualified
as Tier 1 capital, and FULA was formed to engage in the business of an investment adviser but is not yet active. The Bank has two consumer
finance company subsidiaries - OakFirst Loan Center,&nbsp;Inc., a West Virginia corporation, and OakFirst Loan Center, LLC, a Maryland
limited liability company - and two subsidiaries that it uses to hold real estate acquired through foreclosure or by deed in lieu of
foreclosure - First OREO Trust, a Maryland statutory trust, and FUBT OREO I, LLC, a Maryland limited liability company. In addition,
the Bank owns 99.9% of the limited partnership interests in Liberty Mews Limited Partnership, a Maryland limited partnership formed for
the purpose of acquiring, developing and operating low-income housing units in Garrett County, Maryland, and a 99.9% non-voting membership
interest in MCC FUBT Fund, LLC, an Ohio limited liability company formed for the purpose of acquiring, developing and operating low-income
housing units in Allegany County, Maryland.</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">The Bank operates 26 banking offices, one customer
service center and 34 Automated Teller Machines in Allegany County, Frederick County, Garrett County, and Washington County in Maryland,
and in Mineral County, Berkeley County, Monongalia County and Harrison County in West Virginia. The Bank is an independent community
bank providing a complete range of retail and commercial banking services to businesses and individuals in its market areas. Services
offered are essentially the same as those offered by the regional institutions that compete with the Bank and include checking, savings,
money market deposit accounts, and certificates of deposit, business loans, personal loans, mortgage loans, lines of credit, and consumer-oriented
retirement accounts including individual retirement accounts and employee benefit accounts. In addition, the Bank provides full brokerage
services through a networking arrangement with Cetera Investment Services,&nbsp;LLC., a full-service broker-dealer. The Bank also provides
safe deposit and night depository facilities, insurance products and trust services. The Bank&rsquo;s deposits are insured by the Federal
Deposit Insurance Corporation.</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">A detailed discussion of our business is contained
in Item 1 of Part&nbsp;I of our Annual Reports on Form&nbsp;10-K that we file with the SEC, including the <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/763907/000155837022004382/func-20211231x10k.htm">Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2022</A>, which is incorporated herein by reference. See &ldquo;WHERE YOU CAN FIND MORE INFORMATION&rdquo;
below for information on how to obtain a copy of our annual and other reports that we file with the SEC.</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">We and the Bank are extensively regulated under
federal and state laws. The regulation of bank holding companies and banks is intended primarily for the protection of depositors and
the deposit insurance fund and not for the benefit of security holders. For a discussion of the material elements of the extensive regulatory
framework applicable to us, please refer to Item 1 of Part&nbsp;I of our Annual Reports on Form&nbsp;10-K that we file with the SEC,
including the <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/763907/000155837022004382/func-20211231x10k.htm">Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2022</A>, which is incorporated herein by reference.</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: justify; text-indent: 0.5in">At December&nbsp;31, 2022,
we had total assets of $1.8 billion, net loans of $1.3 billion, and deposits of $1.6 billion. Shareholders&rsquo; equity at December&nbsp;31,
2022 was $151.8 million.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
principal executive offices are located at 19 South Second Street, Oakland, Maryland 21550 and our telephone number is (888) 692-2654.
We maintain an Internet site at <U>http://www.mybank.com</U></FONT> on which we make available free of charge our Annual Reports on Form&nbsp;10-K,
Quarterly Reports on Form&nbsp;10-Q, Current Reports on Form&nbsp;8-K, and all amendments to the foregoing as soon as reasonably practicable
after these reports are electronically filed with, or furnished to, the SEC.</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"><A NAME="a_004"></A><B>PLAN OVERVIEW</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"><FONT STYLE="font-size: 10pt">The Plan provides
existing shareholders with a convenient and economical way to (a)&nbsp;reinvest cash dividends paid on your shares of our common stock
in additional shares, which we refer to as the &ldquo;Dividend Reinvestment feature&rdquo;, (b)&nbsp;purchase additional shares of our
common stock each month through optional cash investments, which we refer to as the &ldquo;Stock Purchase feature&rdquo;, and (c)&nbsp;sell
the shares held in your Plan account. The Plan has various other features from which to choose to meet your investment needs, and you
should carefully read this entire prospectus. The Plan is also intended to </FONT>provide us with additional funds for general corporate
purposes (in instances when shares are purchased directly from us 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"></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">The shares of our common stock purchased under
the Plan will be either newly issued shares or shares purchased from others in the open market or in privately negotiated transactions.
If the Administrator purchases newly issued shares from us, then the price to participants will be 100% of &ldquo;fair market value&rdquo;,
which, for purposes of the Plan, means the average of the high and low sales prices of common stock as quoted on The NASDAQ Global Select
Market for the 20 trading days immediately preceding the date of purchase. If the Administrator purchases from anyone other than us,
then the Administrator may combine your funds with funds of other participants and batch purchase types (<I>i.e.</I>, group reinvested
dividends together and group optional cash investment funds of each type as separate batches ), and the price for each share will be
the weighted average price per share paid by the Administrator for each investment batch of which your investments are a part (excluding
trading expenses, which we will pay).</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">The Plan is designed for long-term investors who
wish to invest and build their share ownership over time. Unlike an individual stock brokerage account, the timing of purchases and sales
is subject to the provisions of 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: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
you are a shareholder of record and wish to purchase additional shares of common stock pursuant to the Stock Purchase feature of the
Plan, you may make optional cash investments of at least $50 under the Stock Purchase feature of the Plan each month through automatic
recurring Automated Clearing House (ACH) debit transactions or on a one-time basis through an online bank debit initiated through the
Administrator&rsquo;s website, <U>www.computerhsare.com/investor</U></FONT> or by mailing a check to the Administrator. Optional cash
investments are capped at $100,000 per calendar quarter.</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"><A NAME="a_005"></A><B>RISK FACTORS</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">An investment in shares of our common stock involves
certain risks. The significant risks and uncertainties related to our common stock and to our business of which we are aware are discussed
in Item 1A of Part&nbsp;I of our <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/763907/000155837022004382/func-20211231x10k.htm">Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2022</A>, as updated from time to time
by Item 1A of our future Annual Reports on Form&nbsp;10-K and Item 1A of Part&nbsp;II of our Quarterly Reports on Form&nbsp;10-Q that
we file with the SEC, which discussions are incorporated by reference in this prospectus. You should carefully consider these risks and
uncertainties before you decide to buy shares of our common stock. Any of these factors could materially and adversely affect our business,
financial condition, operating results and prospects and could negatively impact the market price of our common stock. If any of these
risks materialize, you could lose all or part of your investment. Additional risks and uncertainties that we do not yet know of, or that
we currently think are immaterial, may also impair our business operations. You should also consider the other information contained
in and incorporated by reference in this prospectus, including our financial statements and the related notes, before deciding to purchase
shares of our common stock. This prospectus also contains forward-looking statements that involve risks and uncertainties. Our actual
results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including
the risks discussed above.</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"><A NAME="a_006"></A><B>DESCRIPTION OF THE 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">The following is a question and answer statement
of the provisions of the Plan. The Plan was authorized by our Board of Directors and has been in effect since January&nbsp;9, 1989. The
Plan will continue until the earlier of the date that all shares registered under the Plan have been sold or the date we terminate 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"><B>Purpose</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><I>1.</I></TD><TD STYLE="text-align: justify"><I>What is the purpose of the Plan?</I></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"><FONT STYLE="font-size: 10pt; background-color: white">The
purposes of the Plan are to (a)&nbsp;provide holders of our common stock with a convenient means of investing some or all of their cash
dividends in shares of common stock, (b)&nbsp;provide holders of our common stock with a convenient means of making optional cash investments
in additional shares of common stock, and (c)&nbsp;</FONT>provide us with additional funds for general corporate purposes (in instances
when shares are purchased directly from us 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: 0.5in"><FONT STYLE="background-color: white">The
Plan permits us, at our election, to use shares purchased in the open market or in negotiated transactions or to use our authorized but
unissued shares to satisfy the Plan&rsquo;s requirements. The Plan originally reserved 250,000 shares of common stock to be made available
for purchase, but our Board of Directors amended the Plan on March&nbsp;28, 2012 to make available an additional 770,141 shares. To date,
276,003 shares have been sold under the Plan, all of which have been authorized but unissued shares. Accordingly, 744,138 shares remain
available for purchase under the Plan.</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"></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"><B>Advantages</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><I>2.</I></TD><TD STYLE="text-align: justify"><I>What are the advantages of the Plan?</I></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">Under the Dividend Reinvestment feature of the
Plan, participants may have some or all of the cash dividends paid on their shares of common stock automatically reinvested in additional
shares of common stock. The Stock Purchase feature provides participants with the ability to make optional cash investments on a monthly
basis (in a minimum amount of <B>$50 </B>per investment and a maximum of <B>$100,000</B> per calendar quarter), whether or not they elect
to reinvest dividends. Full investment of funds is possible under the Plan, whether or not there is a sufficient amount to buy a whole
share, because the Plan permits fractions of shares, as well as full shares, to be credited to participants&rsquo; accounts. In addition,
dividends in respect of such fractions, as well as full shares, will be credited to participants&rsquo; accounts. Participants avoid
safekeeping requirements and record keeping costs for shares credited to their accounts through the free custodial service and reporting
provisions of the Plan. Statements of account will be furnished to participants on a quarterly basis to provide simplified record keeping.</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"><B>Administration</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><I>3.</I></TD><TD STYLE="text-align: justify"><I>Who administers the Plan?</I></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">Computershare Trust Company, N.A. is the Administrator
of the Plan. The Administrator&rsquo;s address is P.O.&nbsp;Box 43078, Providence, Rhode Island, 02940-3078. The Administrator keeps
records, sends statements of account to participants and performs other duties relating 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; text-indent: 0.5in">In administering the Plan, the Administrator will
not be liable for any act done or any omission to act in good faith, including, without limitation, any claims of liability: (a)&nbsp;arising
out of a failure to terminate a participant&rsquo;s account upon the participant&rsquo;s death prior to receipt of notice in writing
of such death; (b)&nbsp;with respect to the prices at which shares of our common stock are purchased or sold, regarding the times when
or the manner in which such purchases or sales are made, the decision whether to purchase such shares of common stock on the open market,
in negotiated transactions, or from us, or fluctuations in the market value of the common stock; or (c)&nbsp;regarding any matters relating
to the operation or management of the Plan. The Administrator may not create a lien on any funds, securities or other property held 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: 0.5in">Neither we nor the Administrator can assure that
a participant will realize any profit in connection with shares of common stock purchased pursuant to the Plan or protect a participant
against a loss in connection with the shares purchased for the participant under the Plan in accordance with the participant&rsquo;s
instructions. It is up to each participant to make a decision regarding the sale of any shares owned by the participant, including shares
credited to the participant&rsquo;s Plan account.</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"><B>Participation &ndash; Dividend Reinvestment Feature</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><I>4.</I></TD><TD STYLE="text-align: justify"><I>Who is eligible to participate in the Plan?</I></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">All holders of record of shares of common stock
are eligible to participate in the Plan. To be eligible to participate in the Plan, beneficial owners of shares of common stock whose
shares are registered in names other than their own (for instance, in the name of a broker) must become shareholders of record by having
such shares transferred into their own names or make arrangements with their broker, bank or other nominee to participate on their behalf.</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">A shareholder will not be eligible to participate
in the Plan if he or she resides in a jurisdiction in which it is unlawful for us to permit participation. A shareholder&rsquo;s right
to participate in the Plan is not transferable apart from a transfer of his or her shares of common stock to another person.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">5.</TD><TD STYLE="text-align: justify"><I>How does a shareholder participate?</I></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
shareholder of record may enroll in the Plan at any time through the Administrator&rsquo;s website at </FONT><U>www.computershare.com/investor
</U>or by completing an enrollment form and returning it to the Administrator. Enrollment forms may be obtained directly from the Administrator.
See Question No.&nbsp;35 for information regarding how to contact the Administrator. A shareholder who does not wish to participate in
the Plan will continue to receive dividends, as declared, by check or Automatic Clearing House (ACH) without any further action on the
part of the participant.</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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><I>6.</I></TD><TD STYLE="text-align: justify"><I>When will participation in the dividend reinvestment feature
of the Plan begin?</I></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">Cash dividends, when declared, are generally paid
on the first business day of February, May, August, and November&nbsp;(each, a &ldquo;Dividend Payment Date&rdquo;) to shareholders of
record on the record date for each dividend. If the Administrator receives enrollment instructions from a shareholder who is entitled
to a dividend by the record date for that dividend, then the Plan will go into effect for the shareholder with that dividend payment
(and subsequent dividend payments). If the Administrator receives those instructions after the record date for that dividend, then the
dividend payable with respect to that record date will be paid to the shareholder in cash and the shareholder&rsquo;s participation in
the Plan will begin with the next Dividend Payment Date. See Question Nos. 8 through 11 for information concerning the making of optional
cash investments and the timing of optional cash investments.</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">The Plan does not represent a change in our dividend
policy, nor does it represent a guarantee of future dividends, which are subject to the discretion of our Board of Directors. The declaration
of future dividends will depend upon a number of factors, including our future earnings, our capital requirements, regulatory constraints,
and our financial condition as well as that of First United Bank&nbsp;&amp; Trust and our other subsidiaries.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><I>7.</I></TD><TD STYLE="text-align: justify"><I>What does the enrollment form provide?</I></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 Administrator&rsquo;s enrollment form, whether
submitted through its website or in paper form, allows each shareholder of record to elect whether he or she will participate in the
Plan with respect to all of his, her or its shares of common stock (full dividend reinvestment) or only a portion of his or her shares
of common stock (partial dividend reinvestment).</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">The Administrator will use cash dividends paid
on the shares that a participant has elected to enroll in the Plan to purchase additional shares of common stock. Cash dividends on shares
of common stock credited to a participant&rsquo;s account under the Plan are always automatically reinvested regardless of which investment
option is selected.</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"><B>Optional Cash Investments &ndash; Stock Purchase Feature</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><I>8.</I></TD><TD STYLE="text-align: justify"><I>Who is eligible to make optional cash investments?</I></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">Participants who have enrolled in the Plan are
eligible to make optional cash investments regardless of whether they have authorized the reinvestment of dividends.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><I>9.</I></TD><TD STYLE="text-align: justify"><I>How does a participant make optional cash investments?</I></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">A Plan participant may make optional cash investments
each month. Optional cash investments may be made on a one-time basis by check or through the Administrator&rsquo;s website or on an
automatic recurring basis through ACH debit authorizations.</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: justify; text-indent: 0.5in">For one-time optional cash
investments by check, you should forward a check to the Administrator with the optional cash investment form that will be attached to
each statement of your Plan account. Checks should be made payable to &quot;Computershare&rdquo;, include your account number, and be
made payable in U.S. dollars. If you are not in the U.S., then contact your financial institution to verify that it can provide you with
a check that clears through a U.S. bank and can print the dollar amount in U.S. funds. Due to the longer clearance period, the Administrator
is unable to accept checks clearing through non-U.S. financial institutions. All checks should be sent to the Administrator, at the address
provided in Question 35. The Administrator will not accept cash, money orders, traveler's checks or third-party checks.</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: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
one-time optional cash investments through the Administrator&rsquo;s website, you should visit <U>www.computershare.com/investor</U></FONT>
and authorize a one-time ACH debit transaction from an account at a U.S. financial institution. The Administrator will debit funds from
your account promptly after it receives your authorization and will hold those funds until the next investment date, which will generally
be the 15<SUP>th</SUP> calendar day of each month, or the next trading day if the 15<SUP>th</SUP> calendar day of the month is not a
trading day. To be effective for a particular month, your authorization must be submitted at least three business days prior to the investment
date for that month. The online confirmation of your authorization will contain the account debit date and the investment 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"></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Automatic
recurring monthly optional cash investments (&ldquo;Recurring Monthly Investments&rdquo;) can be effected by the Administrator through
ACH debit transactions. To initiate Recurring Monthly Investments, you must complete and sign an authorization form for automatic deductions
and return it to the Administrator together with a voided blank check or savings account deposit slip for the account from which funds
are to be drawn. You may also initiate Recurring Monthly Investments by enrolling online at </FONT><U>www.computershare.com/investor</U>.
Forms will be processed and will become effective as promptly as practicable; however, you should allow four to six weeks for your first
investment to be initiated. Once Recurring Monthly Investments are initiated, funds will be drawn from your designated bank account on
the 10<SUP>th </SUP>calendar day of each month or the next business day if the 10<SUP>th</SUP> calendar day is not a business day. You
may change the amount of your Recurring Monthly Investment by completing and submitting to the Administrator a new authorization form
for Recurring Monthly Investments or online at <U>www.computershare.com/investor</U>. If you close or change a bank account, you must
complete a new authorization form for Recurring Monthly Investments and submit it to the Administrator or update your bank information
online at <U>www.computershare.com/investor</U>. To be effective with respect to a particular investment date, the Administrator must
receive the updated information at least seven calendar days preceding such investment date (the &ldquo;Recurring Monthly Investment
Deadline&rdquo;). You may discontinue automatic deductions by notifying the Administrator online or in writing (see Question No.&nbsp;35).</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">The Administrator will wait up to three business
days after receipt of the check or electronic funds transfer to ensure that it receives good funds and will then seek to purchase shares
using optional cash investments promptly on the investment 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: 0.5in">In the event that a participant&rsquo;s optional
cash investment is not effected for any reason, the Administrator will consider the participant&rsquo;s optional cash investment request
to be null and void. If any shares were purchased for the participant&rsquo;s Plan account upon the prior credit of such funds, then
the Administrator will immediately remove those shares from the participant&rsquo;s Plan account and the Administrator will be entitled
to sell such shares to satisfy any uncollected optional investment amount. If a participant&rsquo;s optional cash investment is not effected
because the participant&rsquo;s check is returned for insufficient funds or the participant&rsquo;s ACH debit authorization is rejected
for insufficient funds, then the participant will be obligated to pay to the Administrator a non-sufficient funds fee (currently $35),
which the Administrator may satisfy using the proceeds from the sale of any shares that were purchased for the participant&rsquo;s Plan
account. If the net proceeds from the sale of such shares are insufficient to satisfy the balance of the uncollected amounts, then the
Administrator will be entitled to sell such additional shares from the participant&rsquo;s Plan account as may be necessary to satisfy
the uncollected balance.</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: justify; text-indent: 0.5in">No interest will be paid
by the Administrator on any optional cash investments held by the Administrator.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><I>10.</I></TD><TD STYLE="text-align: justify"><I>What are the limitations on making optional cash investments?</I></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 ability to make optional cash investments
is available to each participant at any time; however, optional cash investments by a participant may not be less than <B>$50</B> per
investment nor more than <B>$100,000</B> in the aggregate per calendar quarter.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><I>11.</I></TD><TD STYLE="text-align: justify"><I>What happens to dividends if a participant enrolls in only
the Stock Purchase feature of the Plan?</I></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">If a participant chooses to participate only in
the Stock Purchase feature of the Plan, we will pay cash dividends, if declared, on shares registered in the participant&rsquo;s name
in the usual manner and the Administrator will apply any optional cash investments received from the participant to the purchase of additional
shares of common stock for the participant&rsquo;s account under the Plan. Shares of common stock purchased with optional cash investments
and credited to the account of the participant will automatically be enrolled in the Dividend Reinvestment feature of the Plan. Accordingly,
cash dividends paid on such shares will be reinvested in additional shares of common stock.</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"><B>Purchases</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><I>12.</I></TD><TD STYLE="text-align: justify"><I>How many shares of common stock will be purchased by participants?</I></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 number of shares that will be purchased by
each participant depends on the aggregate amount of the participant&rsquo;s dividends to be reinvested, taking into account dividends
on shares credited to the participant&rsquo;s account under the Plan, the amount of the participant&rsquo;s optional cash investments,
and the applicable purchase price of the shares of common stock (see Question No.&nbsp;13). A participant&rsquo;s account will be credited
with that number of shares, including fractional shares computed to six decimal places, equal to the total amount to be invested divided
by the applicable per share purchase price.</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">We reserve the right to limit the maximum number
of shares that we sell to participants with respect to any Dividend Payment Date under the Dividend Reinvestment feature to the number
of shares that would have been sold if all dividends paid on that date were reinvested under the Plan. If, with respect to any Dividend
Payment Date, we exercise such right and as a result there are insufficient shares available after investment of participants&rsquo;
dividends to permit investment of all optional cash investments received, shares available for optional cash investments will be allocated
among all participants making optional cash investments in proportion to the amounts of their optional cash investments. The Administrator
will refund any payments by participants that are not invested due to this limitation.</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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><I>13.</I></TD><TD STYLE="text-align: justify"><I>When and at what price will shares of common stock be purchased
under the Plan?</I></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">Shares of common stock will be purchased with
reinvested dividends under the Plan at such times as the Administrator may determine, as promptly as reasonably practicable after each
Dividend Payment Date, and in no event later than 30 days after such Dividend Payment Date. No interest will be paid on funds held by
the Administrator under the Plan. In the case of all optional cash investments, the Administrator will purchase shares of common stock
on the 15<SUP>th</SUP> calendar day of the month or, if such day is not a trading day, on the next trading day (as discussed in Question
No.&nbsp;9 above, your investment funds will generally be drawn from your designated bank account on the 10<SUP>th</SUP> calendar day
of that month). If the Administrator buys any shares in the open market or in privately negotiated transactions, it will not allocate
any shares to participants&rsquo; accounts until it has acquired sufficient shares from us and/or others to cover the optional cash investments
for all participants.</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">We, in our sole discretion, will decide whether
shares will be purchased in the open market, in privately negotiated transactions, or directly from us. As of the date of this prospectus,
we anticipate funding participants&rsquo; purchases primarily with newly issued shares, although there can be no assurance that this
will actually be the case.</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">The price at which newly issued shares will be
purchased under the Plan will be 100% of &ldquo;fair market value&rdquo;. For purposes of the Plan, the &ldquo;fair market value&rdquo;
of a share of common stock will be the average of the high and low sales prices of common stock as quoted on The NASDAQ Stock Market
for the 20 trading days immediately preceding the date of purchase. In no event, however, will the fair market value of a share be less
than its par value at the time of sale. Currently, the par value of our common stock is $.01 per share. Notwithstanding the foregoing,
we reserve the right to reduce the price at which shares will be purchased, and to change the manner in which such price is calculated,
at any time. If we change the purchase price, we will file an amendment or prospectus supplement to this prospectus which will describe
the new purchase price.</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">For shares purchased on the open market or in
privately-negotiated transactions, the Administrator may combine your funds with funds of other Plan participants and will generally
batch purchase types (<I>i.e.</I>, group reinvested dividends together and group each optional cash investment fund type separately )
for separate execution by its broker, but the Administrator may determine to combine these batches for execution. The Administrator may
also direct its broker to execute each purchase type in several batches throughout a trading day. Depending on the number of shares being
purchased and the current trading volume in shares, the Administrator&rsquo;s broker may execute purchases for any batch or batches in
multiple transactions and over more than one day. If different purchase types are batched, the price per share of common stock purchased
for each Plan participant&rsquo;s account for a particular investment date, whether purchased with reinvested cash dividends or with
optional cash payments, will be the weighted average price of the specific batch for shares purchased by the Administrator&rsquo;s broker
for that investment date. Neither we nor any participant will have any authority or power to direct the date, time, or price at which
shares may be purchased or the selection of a broker or dealer through or from whom purchases are to be made. With respect to open market
purchases, subject to a three business day hold, the Administrator will make every reasonable effort to reinvest all optional cash investments
for a given month on the 15<SUP>th</SUP> calendar day of that month, or on the next trading day if the 15<SUP>th</SUP> calendar day is
not a trading day, and in no event later than 35 calendar days after it receives the optional cash investment funds, except where such
investments are restricted by any applicable state or federal securities laws. We will pay all applicable dealer mark-ups, brokerage
commissions and/or other expenses charged by the brokers or dealers through whom the shares are purchased.</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">The Administrator may in its discretion commingle
the funds represented by dividends to be reinvested and participants&rsquo; optional cash investments for the purpose of forwarding purchase
orders, and it may offset purchase and sale orders for the same investment 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: 0.5in">The Administrator will hold the shares purchased
under the Plan in each participant&rsquo;s name, or, if a broker or other nominee is participating on behalf of a beneficial owner, in
the broker&rsquo;s name or other nominee&rsquo;s name, but the Administrator will have no responsibility for the value of such shares
after their purchase.</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">Our common stock is not-heavily-traded. Thus,
depending on the number of shares involved, purchases in the open market to satisfy the requirements of the Plan may have a significant
effect on prevailing market prices, which could result in the payment of higher prices for shares than would be the case if the Plan
was not in effect. Additionally, because the prices at which shares are purchased under the Plan are determined as of specified dates
or as of dates otherwise beyond the control of participants, participants may lose any advantage otherwise available from being able
to select the timing of their investments. For example, because the price charged to participants for shares purchased in the open market
or in negotiated transactions will be the weighted average price at which the shares are actually purchased for a particular investment
date, participants may pay a higher price for shares purchased under the Plan than for shares purchased on the investment date outside
of 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: 0.5in">Our common stock is currently listed on The NASDAQ
Global Select Market under the symbol &ldquo;FUNC&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"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><I>14.</I></TD><TD STYLE="text-align: justify"><I>May&nbsp;a participant purchase shares through the Plan but
have dividends on those shares sent directly to him or her?</I></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">No.&nbsp; The purpose of the Plan is to provide
participants with a convenient method of purchasing shares of common stock and having the dividends on those shares reinvested. Accordingly,
dividends paid on shares held in the Plan will be automatically reinvested in additional shares of common stock.</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"><B>Costs</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><I>15.</I></TD><TD STYLE="text-align: justify"><I>Are any fees or expenses charged to participants in connection
with participation in the Plan?</I></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">Participants will not pay any service charges
in connection with the Plan, as we will pay the expenses of administering the Plan and any dealer mark-ups, brokerage commissions and
other expenses charged in connection with the purchase of shares of common stock with reinvested dividends or optional cash investments.
However, participants who sell their shares through the Plan will pay standard dealer mark-ups, brokerage commissions and other expenses
charged in connection with such sales (see Question No.&nbsp;27).</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"><B>Reports to Participants</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><I>16.</I></TD><TD STYLE="text-align: justify"><I>How will participants be advised of the purchase of shares
of common stock?</I></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">As soon as practicable after each Dividend Payment
Date, each participant will receive a statement of account showing all account activity that has occurred since the prior Dividend Payment
Date, including information a description of each transaction, information as to dividends credited to the participant&rsquo;s Plan account,
optional cash investment funds received from the participant, amounts invested for the participant, the participant&rsquo;s costs of
purchases, the number of shares purchased for the participant (including fractional shares), and the total number of shares held for
the participant. These statements will also provide a record of specific cost basis information in accordance with applicable law. <B>These
statements are the participant&rsquo;s continuing record of the cost of purchases and should be retained for tax purposes. </B>Participants
also will receive copies of the same communications sent to all other shareholders, including the quarterly reports, annual report, notice
of annual meeting and proxy statement, and income tax information for reporting dividends paid.</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"><B>Dividends</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><I>17.</I></TD><TD STYLE="text-align: justify"><I>Will participants be credited with dividends on shares held
in their account under the Plan?</I></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">Yes. We pay dividends, as declared, to the record
holders of all shares of our common stock. As the record holder of shares purchased under the Plan for participants, the Administrator
will receive dividends for all Plan shares held on the record date. The Administrator will credit such dividends to participants&rsquo;
accounts in the Plan on the basis of full and fractional shares held in their respective accounts and will reinvest such dividends in
additional shares.</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"><B>Certificates for Shares</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><I>18.</I></TD><TD STYLE="text-align: justify"><I>Will stock certificates be issued for shares of common stock
purchased?</I></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">Generally, certificates for shares of common stock
purchased under the Plan will not be issued to participants. The number of shares credited to an account under the Plan will be shown
on the participant&rsquo;s statement of account. This additional service protects against loss, theft or destruction of stock certificates.</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">At the request of a participant, subject to any
provision of our Bylaws (as amended and/or restated from time to time) that permits us to institute a system of issuing uncertificated
shares, certificates for any number of shares, up to the total number of full shares credited to an account under the Plan, will be issued
to the participant. Please see Question No.&nbsp;33 for information on contacting the Administrator. Any remaining full shares and all
fractional shares will continue to be held in the participant&rsquo;s account.</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">Shares held in or credited to the account of a
participant under the Plan may not be pledged unless and until the participant requests that a certificate for such shares be issued
in his or her name.</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">Certificates for fractional shares will not be
issued.</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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><I>19.</I></TD><TD STYLE="text-align: justify"><I>In whose name will accounts be maintained and certificates
registered when issued?</I></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">An account will be maintained in each participant&rsquo;s
name as shown on our shareholder records at the time the participant joins the Plan. When issued, certificates for full shares will be
registered in the name of the person or entity who holds the account.</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">Upon written request, certificates also can be
registered and issued in names other than the account name, subject to compliance with any applicable laws and the payment by the participant
of any applicable taxes, provided that the request bears the signatures of the participant and the signature is guaranteed by a financial
institution, broker or dealer that is a member of the Securities Transfer Agent Medallion Program.</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"><B>Changing Method of Participation and Withdrawal</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><I>20.</I></TD><TD STYLE="text-align: justify"><I>How does a participant change his or her method of participation?</I></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
participant may change his or her method of participation in the Dividend Reinvestment feature of the Plan at any time through the Administrator&rsquo;s
website at <U>www.computershare.com/investor</U></FONT> or by completing a new enrollment form and returning it to the Administrator.
See Question No.&nbsp;35 for information regarding how to contact the Administrator. The change will apply as of the next Dividend Payment
Date after the Administrator receives the new instructions.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
discussed in Question No.&nbsp;11 above, you may change the amount of your Recurring Monthly Investment and/or update your bank account
information by completing and submitting to the Administrator a new authorization form for Recurring Monthly Investments or online at
<U>www.computershare.com/investor</U></FONT>. To be effective with respect to a particular investment date, the Administrator must receive
the updated information at least seven calendar days preceding such investment 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: 0.5in">You may discontinue Recurring Monthly Investments
by notifying the Administrator online or in writing (see Question No.&nbsp;35). If the Administrator receives your notification prior
to the day of the month on which your funds would normally be debited for the next Recurring Monthly Investment (generally, the 10<SUP>th
</SUP>calendar day of that month), then your notification will be effective starting with that month. Otherwise, your notification will
be effective starting with the next month.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><I>21.</I></TD><TD STYLE="text-align: justify"><I>May&nbsp;a participant withdraw from the Plan?</I></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">Yes. The Plan is entirely voluntary and a participant
may withdraw at any 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-align: justify; text-indent: 0.5in">If you are participating
in the Dividend Reinvestment feature of the Plan and your withdrawal request is received close in time to the record date for an upcoming
dividend such that the Administrator might have difficulty honoring your request for that dividend, then the Administrator, in its sole
discretion, may either distribute your dividends in cash or reinvest them in shares on your behalf. In the event that your dividends
are reinvested in shares, the Administrator will process the withdrawal request as soon as practicable, but in no event later than five
business days after the investment is complete.</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">A shareholder may re-enroll in the Plan at any
time.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><I>22.</I></TD><TD STYLE="text-align: justify"><I>How does a participant withdraw from the Plan?</I></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">To withdraw from the Plan, a participant must
notify the Administrator that he or she wishes to withdraw. Please see Question No.&nbsp;35 for information on contacting the Administrator.
Upon a participant&rsquo;s withdrawal from the Plan or the termination of the Plan by us, a certificate for full shares credited to the
participant&rsquo;s account under the Plan will be issued and a cash payment will be made for any fractional shares less any applicable
fees.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><I>23.</I></TD><TD STYLE="text-align: justify"><I>What happens to fractional shares registered in the participant&rsquo;s
Plan account when he or she withdraws from the Plan?</I></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">When a participant withdraws from the Plan, a
cash adjustment representing any fractional shares less any applicable fees will be mailed directly to the participant. The cash adjustment
will be based on the closing sales price of the common stock as quoted on The NASDAQ Global Select Market (or such other exchange as
the common stock is then listed) for the trading day immediately preceding the date on which the withdrawal request is received by the
Administrator.</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"><B>Federal Income Tax Consequences</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><I>24.</I></TD><TD STYLE="text-align: justify"><I>What are the federal income tax consequences of participation
in the Plan?</I></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">A participant will be treated for Federal income
tax purposes as having received on each Dividend Payment Date the full amount of the cash dividend, if any, payable on that date with
respect to shares of common stock owned by the participant, including shares registered in the participant&rsquo;s name and shares held
for the participant&rsquo;s Plan account, even though that amount is not actually received by the participant in cash but is instead
applied to the purchase of new shares for the participant&rsquo;s account.</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">As stated in Question No.&nbsp;15, we will pay
all trading expenses when shares are purchased from others in the open market or in privately-negotiated transactions (whether pursuant
to the Dividend Reinvestment Feature or the Stock Purchase Feature). All trading expenses paid on a participant&rsquo;s behalf will be
deemed to be a distribution by us to that participant and will be taxable as a dividend.</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">A participant will not recognize any taxable income
when certificates are issued to the participant for shares credited to the participant&rsquo;s Plan account, regardless of whether the
certificates are issued upon the participant&rsquo;s request or withdrawal from the Plan, or upon termination of 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: 0.5in">Information returns will be sent to each participant
and to the Internal Revenue Service during each year. These returns will show the amount of dividends paid to a participant&rsquo;s Plan
account (<I>i.e.</I>, Form&nbsp;1099-DIV), as well as any proceeds that a participant receives from sales of shares from his or her Plan
account (<I>i.e.</I>, Form&nbsp;1099-B).</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><I>25.</I></TD><TD STYLE="text-align: justify"><I>When and how will gains and losses on shares be determined?</I></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">A participant will realize a gain or loss whenever
he or she sells shares purchased under the Plan. The amount of gain or loss will be the difference between the amount the participant
receives for his or her shares in that sale and his or her cost basis for those shares. The cost basis of a share acquired directly from
us will equal its &ldquo;fair market value&rdquo;, as defined for Federal income tax purposes, on the date we pay the dividend or the
date the Administrator buys shares with optional cash payments, as applicable. The cost basis of a share purchased in the open market
or in a privately negotiated transaction will equal its purchase price plus any trading expenses that we pay on behalf of the participant.</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">In the case of foreign shareholders whose dividends
are subject to United States income tax withholding, or domestic shareholders whose dividends are subject to United States backup withholding,
the Administrator will, to the extent permitted by law, invest in shares of common stock an amount equal to the dividends less the amount
of tax required to be withheld in each case. The regular statements of account confirming purchases made for such participants will indicate
the amount of tax withheld.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><I>26.</I></TD><TD STYLE="text-align: justify"><I>When does the holding period begin for purposes of determining
gain or loss?</I></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">When the Administrator buys shares of common stock
only from us, then the holding period for the shares will begin on the day after the Dividend Payment Date for shares purchased with
reinvested dividends, and on the day after the Administrator buys shares with optional cash investments.</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">When the Administrator buys any shares from others,
either in the open market or in privately negotiated transactions, then the holding period for those shares will begin on the day after
the Administrator allocates shares to the participants&rsquo; Plan accounts.</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>THE ANSWERS TO QUESTIONS NOS. 24 THROUGH 26
ARE ONLY SUMMARIES AND ARE BASED ON OUR UNDERSTANDING OF CURRENT FEDERAL INCOME TAX LAWS. THESE SUMMARIES DO NOT PURPORT TO ADDRESS THE
PARTICULAR CIRCUMSTANCES OF INDIVIDUAL PARTICIPANTS. MOREOVER, THEY DO NOT INCLUDE A DISCUSSION OF STATE OR LOCAL INCOME TAX LAW CONSEQUENCES
OF PARTICIPATING IN THE PLAN. PARTICIPANTS SHOULD CONSULT THEIR OWN TAX ADVISORS AS TO THE FEDERAL, STATE, LOCAL AND/OR FOREIGN TAX CONSEQUENCES
APPLICABLE TO THEM.</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"><B>Other Information</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><I>27.</I></TD><TD STYLE="text-align: justify"><I>Can Plan shares be sold through the Plan?</I></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">Yes. Participants may sell some or all of the
shares of common stock credited to their Plan accounts at any time by contacting the Administrator and requesting that certain shares
be sold (see Question No.&nbsp;35 for information on contacting the Administrator). The Administrator will record sales orders on the
date of receipt. Sales orders are submitted on each market day, assuming that there are sale requests to be processed. Sale instructions
for batch orders received by the Administrator will be processed no later than five business days after the date on which the order is
received (except where deferral is required under applicable federal or state laws or regulations), assuming the applicable market is
open for trading and sufficient market liquidity exists. For a batch order sale, the price to each selling Plan participant shall be
the weighted average sale price obtained by the Administrator&rsquo;s broker for the aggregate order placed by the Administrator and
executed by the broker, less applicable fees. Current fees, which are subject to change, are a service charge of $15.00 and processing
fees of $0.12 per share sold.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
per share processing fees include any brokerage commissions the Plan Administrator is required to pay. Any fractional share will be rounded
up to a whole share for purposes of calculating the per share processing fee. Proceeds from each sale of shares through the Plan will
be remitted to you less applicable fees and any applicable taxes. Proceeds are normally distributed one business day after a Participant&rsquo;s
sale transaction has settled. You should note that the Plan Administrator cannot stop or cancel any outstanding sale or request for the
issuance of shares. All requests are final. The Plan Administrator reserves the right to decline to process a sale if it determines,
in its sole discretion, that supporting legal documentation is required. In addition, the Plan Administrator may, for various reasons,
require a transaction request to be submitted in writing.</FONT> Please note that the Administrator cannot and does not guarantee the
actual sale date or price, nor can it stop or cancel any outstanding sales or issuance requests.</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">Alternatively, a participant may sell his or her
shares through a broker of the participant&rsquo;s choice, in which case the participant must first request a certificate for those shares
from the Administrator (see Question No.&nbsp;18 for instructions on how to obtain a certificate).</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>28.</I></FONT></TD><TD STYLE="text-align: justify"><I>What if a participant sells or otherwise disposes of all
of his or her shares not held in the Plan?</I></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 disposition by a participant of all shares
of common stock registered in his or her name that are not credited to the participant&rsquo;s account under the Plan will have no effect
on the shares credited to the participant&rsquo;s Plan account, and, unless otherwise instructed by the participant, the Administrator
will continue to reinvest the dividends on the shares credited to that account.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><I>29.</I></TD><TD STYLE="text-align: justify"><I>If additional shares of common stock are sold through a rights
offering, how will the rights of the Plan be handled?</I></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">If we engage in a rights offering, then a participant
will receive rights based upon shares held of record in his or her name and upon whole shares credited to his or her account under the
Plan. Rights issued in respect of shares credited to an account will be issued to the participant in his or her name.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><I>30.</I></TD><TD STYLE="text-align: justify"><I>What happens if a stock dividend is issued or a stock split
is declared on shares of common stock?</I></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">Any shares issued by us as a stock dividend or
in a stock split on shares of common stock credited to the account of a participant under the Plan will be added to the participant&rsquo;s
account. Any shares issued by us as a stock dividend or in a stock split on shares of common stock held directly by a participant will
be mailed to the participant in the same manner as to shareholders who are not participating in the Plan.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><I>31.</I></TD><TD STYLE="text-align: justify"><I>How will a participant&rsquo;s shares credited to the Plan
be voted at meetings of shareholders?</I></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">Prior to a meeting of shareholders, each participant
will be provided with an instruction form that can be used by the participant to direct the vote of shares of common stock held in the
participant&rsquo;s Plan account. If the form is completed and returned as provided in the form, all shares held in that participant&rsquo;s
Plan account will be voted in accordance with the participant&rsquo;s instructions. If the participant desires to vote in person at the
meeting, a proxy for shares credited to the participant&rsquo;s Plan account may be obtained upon written request received by the Administrator
at least 15 days before the meeting.</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">If no instructions are received on a properly
executed returned proxy card or returned instruction form with respect to any item thereon, all of a participant&rsquo;s shares (both
those registered in the participant&rsquo;s name, if any, and those credited to the participant&rsquo;s Plan account) will be voted (in
the same manner as for non-participating shareholders who return proxies and do not provide instructions) in accordance with management&rsquo;s
recommendations. If the proxy card or instruction form is not returned, or if it is returned unsigned, none of the participant&rsquo;s
shares will be voted unless the participant votes in person.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><I>32.</I></TD><TD STYLE="text-align: justify"><I>May&nbsp;the Plan be changed or discontinued?</I></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">We reserve the right to make modifications to
the Plan, including to change the price at which newly issued shares will be purchased from us under the Plan, and to suspend or terminate
the Plan at any time. Any such modification, suspension or termination will be announced to participants and to nonparticipating shareholders.</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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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><I>33.</I></TD><TD STYLE="text-align: justify"><I>Who interprets and regulates the Plan?</I></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">We have the right to interpret and regulate the
Plan as we deem necessary or desirable in connection with the operation of the Plan.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><I>34.</I></TD><TD STYLE="text-align: justify"><I>Can First United Corporation temporarily curtail or suspend
purchases or sales of common stock under the Plan?</I></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">Yes. We may temporary curtail or suspend purchases
or sales of common stock at any time if such purchases or sales would in the Administrator&rsquo;s judgment contravene, or be restricted
by, applicable regulations, interpretations or orders of the SEC, any other governmental commission, agency or instrumentality, any court,
securities exchange or other self-regulatory organization. The Administrator shall not be accountable, or otherwise liable, for failure
to make purchases of sales at such times and under such circumstances.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><I>35.</I></TD><TD STYLE="text-align: justify"><I>How can I contact the Administrator regarding questions and
other matters?</I></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">Questions regarding enrollment, purchase or sale
of shares of common stock, and other transactions or services offered pursuant to the Plan should be directed to the Administrator:</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: justify"><B>- Through the Internet</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
can obtain information and take certain other actions regarding your account by visiting <U>www.computershare.com/investor</U></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; text-align: justify"><B>- By Telephone</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-align: justify; text-indent: 0.5in">You may direct your questions
and sale requests to shareowner customer service at its toll-free number (within the United States and Canada) at 1-866-298-7858. Please
have your account number and the name(s)&nbsp;in which your shares are titled available for the customer service representative.</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: justify"><B>- In Writing</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-align: justify; text-indent: 0.5in">You may also send questions
and sale requests to the Administrator at the following address:</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: justify; text-indent: 0.5in"><B>Computershare Trust Company,
N.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>P.O.&nbsp;Box 43078</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Providence,
Rhode Island 02940-3078</B></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; text-align: justify; text-indent: 0.5in">Be sure to include your name,
address, daytime phone number, the name(s)&nbsp;in which your shares are titled and a reference to First United Corporation on all correspondence.</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"><A NAME="a_007"></A><B>PLAN OF DISTRIBUTION</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">Except to the extent the Administrator purchases
shares of our common stock in market transactions, the shares of common stock acquired under the Plan will be newly issued shares sold
directly by us through the Plan. As stated elsewhere in this Plan, you will not pay any brokerage fees or commissions for securities
purchased on the open market or otherwise under the Plan. Instead, we will pay these fees to the Administrator. Certain fees apply to
participants in the Plan, which are set forth in Question No.&nbsp;17 above.</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">Persons who acquire shares of our common stock
through the Plan and resell them shortly after acquiring them, including coverage of short positions, under certain circumstances may
be participating in a distribution of securities that would require compliance with Regulation M under the Securities Exchange Act of
1934, as amended, or the &ldquo;Exchange Act&rdquo;, and may be considered to be underwriters within the meaning of the Securities Act.
We will not extend to any such person any rights or privileges other than those to which he, she or it would be entitled as a participant,
nor will we enter into any agreement with any such person regarding the resale or distribution by any such person of the shares of our
common stock so purchased.</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">Our common stock may not be available under the
Plan in all states or jurisdictions. This prospectus does not constitute an offer to sell, or a solicitation of an offer to buy, any
of our common stock or other securities in any jurisdiction to any person to whom it is unlawful to make such offer in such jurisdiction.</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-align: center"><A NAME="a_008"></A><B>USE OF PROCEEDS</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">To the extent that we sell newly issued shares
under the Plan, and not shares purchased from others, we will receive the proceeds. We do not know the number of shares that we will
ultimately sell under the Plan, the prices at which we will sell them, or the amount of the proceeds that we will receive.</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">We intend to add any proceeds that we receive
to our general funds to be used for our general corporate purposes. Such purposes may include:</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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD>Our
                                            working capital needs;</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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD>Possible
                                            additional investments in our direct and indirect subsidiaries;</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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD>Possible
                                            acquisitions of other financial institutions or their assets;</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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD>Possible
                                            acquisitions of, or investments in, other businesses of a type eligible for bank holding
                                            companies or Maryland-chartered commercial banks;</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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD>Possible
                                            reduction in outstanding indebtedness; and/or</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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD>Possible
                                            repurchase of our outstanding securities, including, without limitation, the outstanding
                                            shares of our common stock and/or preferred stock.</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">We may temporarily invest the proceeds in investment-grade
securities. We have no specific plans for any proceeds. Our principle purpose in making the offering is to provide our shareholders with
a convenient and automatic way to increase their ownership of our common stock.</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"><A NAME="a_009"></A><B>DESCRIPTION OF SECURITIES TO BE REGISTERED</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">This prospectus relates to shares of our common
stock. Our common stock is registered pursuant to Section&nbsp;12 of the Exchange Act. You are urged to review our charter, our Amended
and Restated Bylaws, as amended to date, which we refer to as our &ldquo;Bylaws&rdquo;, and applicable Maryland law, including the Maryland
General Corporation Law, for information about the contractual and other rights and limitations in respect of our common stock. The documents
that constitute our charter and Bylaws are filed with the registration statement that contains this prospectus as Exhibit&nbsp;4.1(i)&nbsp;through
Exhibit&nbsp;4.4, all of which are also available from us upon request.</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"><A NAME="a_010"></A><B>EXPERTS</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">The consolidated financial statements of First
United Corporation as of December&nbsp;31, 2022 and 2021 and for each of the two years in the period ended December&nbsp;31, 2022, incorporated
by reference into this prospectus, have been incorporated herein in reliance on the report of Crowe LLP, an independent registered public
accounting firm, given on the authority of that firm as experts in auditing and accounting.</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"><A NAME="a_011"></A><B>LEGAL MATTERS</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">The validity of the securities offered pursuant
to this prospectus has been passed upon for us by Gordon Feinblatt LLC, Baltimore, Maryland.</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"><A NAME="a_012"></A><B>WHERE YOU CAN FIND MORE INFORMATION</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">We have filed a registration statement with the
SEC covering the shares of common stock that may be sold under this prospectus. This prospectus is only a part of that registration statement
and does not contain all the information in the registration statement. Because this prospectus may not contain all the information that
you may find important, and because references to our contracts and other documents made in this prospectus are only summaries of those
contracts and other documents, you should review the full text of the registration statement, as amended from time to time, and the exhibits
that are a part of the registration statement. We have included copies of these contracts and other documents as exhibits to the registration
statement that contains this prospectus.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to the information requirements of the Exchange Act, which means we are required to file annual reports, quarterly reports,
current reports, proxy statements and other information with the SEC. You may read and copy any document we file with the SEC at the
SEC&rsquo;s public reference room in Washington, D.C., located at 100 F Street NE, Washington D.C. 20549. Please call the SEC at 1-800-SEC-0330
for further information on the public reference room. Our SEC filings are also available to the public from the SEC&rsquo;s Internet
site at <U>http://www.sec.gov</U></FONT> and from our Internet site at <U>http://www.mybank.com</U>. However, information found on, or
otherwise accessible through, these Internet sites is not incorporated into, and does not constitute a part of, this prospectus or any
other document we file or furnish to the SEC. You should not rely on any of this information in deciding whether to purchase the securities.</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-align: center"><A NAME="a_013"></A><B>INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</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">This prospectus is part of a registration statement
that we filed with the SEC. The SEC allows us to &ldquo;incorporate by reference&rdquo; in this prospectus the information that we file
with the SEC, which means that we can disclose important information to you by referring you to those documents. The information incorporated
by reference is considered to be part of this prospectus, and later information that we file with the SEC will automatically update and
supersede that information. The following documents filed by us with the SEC pursuant to the Exchange Act are incorporated herein by
reference (except to the extent any information contained in such documents is &ldquo;furnished&rdquo; to the SEC):</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/763907/000155837023004547/func-20221231x10k.htm">Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2022 filed on March&nbsp;24, 2023</A> </FONT>(which incorporates certain information
therein by reference to our <A HREF="https://www.sec.gov/Archives/edgar/data/763907/000110465923038329/tm231991d1_def14a.htm">definitive proxy statement on Schedule 14A for the 2023 Annual Meeting of Shareholders, filed on March&nbsp;29, 2023</A>);</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">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/763907/000110465923030368/tm239003d1_8k.htm">Current Report on Form&nbsp;8-K filed on March&nbsp;9, 2023</A>; and</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">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Description
of our common stock which appears in our Registration Statement on Form&nbsp;8-A filed on February&nbsp;19, 1986, or any description
of the common stock that appears in any prospectus forming a part of any subsequent registration statement of the Corporation or in any
registration statement filed pursuant to Section&nbsp;12 of the Exchange Act, including any amendments or reports filed for the purpose
of updating such description.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, all documents that we file with the SEC pursuant to Sections 13(a), 13(c), 14 and 15(d)&nbsp;of the Exchange Act after the
date of this prospectus and prior to the termination of the offering to which this prospectus relates </FONT>will automatically be deemed
to be incorporated by reference into this prospectus. In no event, however, will any of the information that we &ldquo;furnish&rdquo;
to the SEC from time to time in any Current Report on Form&nbsp;8-K be incorporated by reference into, or otherwise be included in, this
prospectus. Any statement contained in a document incorporated or deemed to be incorporated by reference in this prospectus shall be
deemed to be modified or superseded to the extent that a statement contained in this prospectus or in a document subsequently filed modifies
or supersedes such statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute
a part of this prospectus.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will promptly provide without charge to each person to whom this prospectus is delivered a copy of any or all information that has been
incorporated herein by reference (not including exhibits to the information that is incorporated by reference unless such exhibits are
specifically incorporated by reference into such information) upon the written or oral request of such person. Written requests should
be directed to: First United Corporation, Corporate Secretary, 19 South Second Street, Oakland, Maryland 21550. Telephone requests should
be directed to the Corporate Secretary at (888) 692-2654. You also may access the documents that have been incorporated by reference
into this prospectus</FONT> on our website, <U>www.mybank.com</U>, under the heading &ldquo;SEC Filings&rdquo; found under the &ldquo;Investor
Relations&rdquo; tab, or at: <U>https://investors.mybank.com/corporate-overview/corporate-profile/default.aspx</U><FONT STYLE="font-size: 10pt">.</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"></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: justify; background-color: white">NEITHER THE DELIVERY
OF THIS PROSPECTUS NOR ANY SALES HEREUNDER SHALL UNDER ANY CIRCUMSTANCES CREATE ANY IMPLICATION THAT THERE HAS BEEN NO CHANGE IN THE
AFFAIRS OF FIRST UNITED CORPORATION SINCE THE DATE HEREOF. NO DEALER, BROKER, SALES REPRESENTATIVE OR ANY OTHER PERSON HAS BEEN AUTHORIZED
TO GIVE ANY INFORMATION OR TO MAKE ANY REPRESENTATIONS OTHER THAN THOSE CONTAINED IN THIS PROSPECTUS,&nbsp;IN CONNECTION WITH THE OFFERING
CONTAINED IN THIS PROSPECTUS, AND INFORMATION OR REPRESENTATIONS NOT HEREIN CONTAINED,&nbsp;IF GIVEN OR MADE, MUST NOT BE RELIED UPON
AS HAVING BEEN AUTHORIZED BY FIRST UNITED CORPORATION. THIS PROSPECTUS DOES NOT CONSTITUTE AN OFFERING IN ANY STATE OR JURISDICTION IN
WHICH SUCH OFFERING MAY&nbsp;NOT LAWFULLY BE MADE.</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; background-color: white"><B><A NAME="divprosp"></A>PROSPECTUS</B></P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2311697d1_s3dposimg001.jpg" ALT="">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>DIVIDEND REINVESTMENT
AND STOCK PURCHASE 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"></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: center"><B>PART&nbsp;II</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-align: center"><B>INFORMATION NOT REQUIRED IN PROSPECTUS</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"><B>Item 14.</B></TD><TD STYLE="text-align: justify"><B>Other Expenses of Issuance and
                                            Distribution.</B></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 following table itemizes the expenses incurred
by First United Corporation (the &ldquo;Corporation&rdquo;) in connection with the offering of the securities being registered hereby.
All amounts shown are estimates.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 88%; margin-left: 0.5in; margin-right: 0.5in">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 84%; text-align: left">Registration Fee - Securities and Exchange Commission</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">498</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Accounting Fees and Expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">17,600</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Legal Fees and Expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">25,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Printing Fees and Expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8,100</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Miscellaneous</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">500</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0.5in">Total</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">51,698</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"><B>Item 15.</B></TD><TD><B>Indemnification of Directors and Officers.</B></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 Maryland General Corporation Law (the &ldquo;MGCL&rdquo;)
permits a Maryland corporation to indemnify its present and former directors, among others, against judgments, penalties, fines, settlements
and reasonable expenses actually incurred by them in connection with any proceeding to which they may be made a party by reason of their
services in those capacities, unless it is established that:</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: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>the act or omission of the director was material to the matter giving
                                            rise to such proceeding and</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: 1in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD>was committed in bad faith or</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: 1in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD>was the result of active and deliberate dishonesty;</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: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>the director actually received an improper personal benefit in money,
                                            property, or services; or</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: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>in the case of any criminal proceeding, the director had reasonable
                                            cause to believe that the act or omission was unlawful.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maryland
</FONT>law permits a Maryland corporation to indemnify a present and former officer to the same extent as a director.</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">In addition to the foregoing, a court of appropriate
jurisdiction: (1)&nbsp;shall order indemnification of reasonable expenses incurred by a director who has been successful, on the merits
or otherwise, in the defense of any proceeding identified above, or in the defense of any claim, issue or matter in the proceeding; and
(2)&nbsp;may under certain circumstances order indemnification of a director or an officer who the court determines is fairly and reasonably
entitled to indemnification in view of all of the relevant circumstances, whether or not the director or officer has met the standards
of conduct set forth in the preceding paragraph or has been declared liable on the basis that a personal benefit improperly received
in a proceeding charging improper personal benefit to the director or the officer, provided, however, that if the proceeding was an action
by or in the right of the corporation or involved a determination that the director or officer received an improper personal benefit,
no indemnification may be made if the director or officer is adjudged liable to the corporation, except to the extent of expenses approved
by a court of appropriate jurisdiction.</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">The MGCL also permits a Maryland corporation to
pay or reimburse, in advance of the final disposition of a proceeding, reasonable expenses incurred by a present or former director or
officer made a party to the proceeding by reason of his or her service in that capacity, provided that the corporation shall have received:</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: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>a written affirmation by the director or officer of his good faith
                                            belief that he has met the standard of conduct necessary for indemnification by the corporation;
                                            and</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: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>a written undertaking by or on behalf of the director to repay the
                                            amount paid or reimbursed by the corporation if it shall ultimately be determined that the
                                            standard of conduct was not met.</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 Corporation has provided for indemnification
of directors and officers in ARTICLE&nbsp;VIII of its Amended and Restated Bylaws (the &ldquo;Bylaws&rdquo;). The relevant provisions
of the Bylaws read as follows:</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 0pt 0.5in; text-indent: 0.5in">&ldquo;SECTION&nbsp;1. <U>Interpretation</U>.
As used in this Article&nbsp;VIII, any word or words that are defined in Section&nbsp;2-418 of the Corporations and Associations Article&nbsp;of
the Annotated Code of Maryland (the &lsquo;Indemnification Section&rsquo;), as amended from time to time, shall have the same meaning
as provided in the Indemnification Section.</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 0pt 0.5in; text-indent: 0.5in">SECTION&nbsp;2. <U>Indemnification of
Directors and Officers</U>. The Corporation shall indemnify and advance expenses to a director or officer of the Corporation in connection
with a proceeding to the fullest extent permitted by and in accordance with the Indemnification Section. Notwithstanding the foregoing,
the Corporation shall be required to indemnify a director or officer in connection with a proceeding commenced by such director or officer
against the Corporation or its directors or officers only if the proceeding was authorized by the Board of Directors.&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: 0.5in">The MGCL authorizes a Maryland corporation to
limit by provision in its charter the liability of directors and officers to the corporation or to its shareholders for money damages
except to the extent:</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: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>the director or officer actually receives an improper benefit or profit
                                            in money, property, or services, for the amount of the benefit or profit actually received,
                                            or</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: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>a judgment or other final adjudication adverse to the director or
                                            officer is entered in a proceeding based on a finding in the proceeding that the director&rsquo;s
                                            or officer&rsquo;s action, or failure to act, was the result of active and deliberate dishonesty
                                            and was material to the cause of action adjudicated in the proceeding.</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 Corporation has limited the liability of its
directors and officers for money damages in Article&nbsp;NINTH of its Amended and Restated Articles of Incorporation, as amended,. This
provision reads as follows:</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 0pt 0.5in; text-indent: 0.5in">&ldquo;NINTH: No Director or officer
of the Corporation shall be liable to the Corporation or to its shareholders for money damages except (i)&nbsp;to the extent that it
is proved that such Director or officer actually received an improper benefit or profit in money, property or services, for the amount
of the benefit or profit in money, property or services actually received, or (ii)&nbsp;to the extent that a judgment or other final
adjudication adverse to such Director or officer is entered in a proceeding based on a finding in the proceeding that such Director&rsquo;s
or officer&rsquo;s action, or failure to act, was the result of active and deliberate dishonesty and was material to the cause of action
adjudicated in the proceeding. No amendment of these Articles of Incorporation or repeal of any of its provisions shall limit or eliminate
the benefits provided to directors and officers under this provision with respect to any act or omission which occurred prior to such
amendment.&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"></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">As permitted under Section&nbsp;2-418(k)&nbsp;of
the MGCL, the Corporation has purchased and maintains insurance on behalf of its directors and officers against any liability asserted
against such directors and officers in their capacities as such, whether or not the Corporation would have the power to indemnify such
persons under the provisions of Maryland law governing indemnification.</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">Section&nbsp;8(k)&nbsp;of the Federal Deposit
Insurance Act (the &ldquo;FDI Act&rdquo;) provides that the Federal Deposit Insurance Corporation (the &ldquo;FDIC&rdquo;) may prohibit
or limit, by regulation or order, payments by any insured depository institution or its holding company for the benefit of directors
and officers of the insured depository institution, or others who are or were &ldquo;institution-affiliated parties,&rdquo; as defined
under the FDI Act, to pay or reimburse such person for any liability or legal expense sustained with regard to any administrative or
civil enforcement action which results in a final order against the person. The FDIC has adopted regulations prohibiting, subject to
certain exceptions, insured depository institutions, their subsidiaries and affiliated holding companies from indemnifying officers,
directors or employees for any civil money penalty or judgment resulting from an administrative or civil enforcement action commenced
by any federal banking agency, or for that portion of the costs sustained with regard to such an action that results in a final order
or settlement that is adverse to the director, officer or employee.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"><B>Item 16.</B></TD><TD><B>Exhibits</B></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 registration statement
are listed in the following Exhibit&nbsp;Index:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in; text-align: left"><U>Exhibit&nbsp;No.</U></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><U>Description</U></TD></TR>
  </TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"><A HREF="tm2311697d1_ex4-1i.htm" STYLE="-sec-extract: exhibit">4.1(i)</A></TD><TD><A HREF="tm2311697d1_ex4-1i.htm" STYLE="-sec-extract: exhibit">Amended and Restated Articles of Incorporation (filed herewith)</A></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"><A HREF="https://www.sec.gov/Archives/edgar/data/763907/000110465921076197/tm2118364d1_ex3-1.htm" STYLE="-sec-extract: exhibit">4.1(ii)</A></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/763907/000110465921076197/tm2118364d1_ex3-1.htm" STYLE="-sec-extract: exhibit">Articles of Amendment to Articles of Amendment and Restatement of First
                                            United Corporation (incorporated by reference to Exhibit&nbsp;3.1 to First United Corporation&rsquo;s
                                            Current Report on Form&nbsp;8-K filed on June&nbsp;3, 2021)</A></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"><A HREF="https://www.sec.gov/Archives/edgar/data/763907/000110465921141637/tm2133432d1_ex3-1.htm" STYLE="-sec-extract: exhibit">4.2</A></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/763907/000110465921141637/tm2133432d1_ex3-1.htm" STYLE="-sec-extract: exhibit">First United Corporation Bylaws, as Amended and Restated on November&nbsp;17,
                                            2021 (incorporated by reference to Exhibit&nbsp;3.1 to First United Corporation&rsquo;s Current
                                            Report on Form&nbsp;8-K filed on November&nbsp;19, 2021)</A></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"><A HREF="https://www.sec.gov/Archives/edgar/data/763907/000114420409004702/v138466_ex4-1.htm" STYLE="-sec-extract: exhibit">4.3</A></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/763907/000114420409004702/v138466_ex4-1.htm" STYLE="-sec-extract: exhibit">Certificate of Notice, including the Certificate of Designations incorporated
                                            therein, relating to the Fixed Rate Cumulative Perpetual Preferred Stock, Series&nbsp;A (incorporated
                                            by reference Exhibit&nbsp;4.1 to First United Corporation&rsquo;s Form&nbsp;8-K filed on
                                            February&nbsp;2, 2009)</A></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"><A HREF="https://www.sec.gov/Archives/edgar/data/763907/000114420409004702/v138466_ex4-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</FONT></A></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/763907/000114420409004702/v138466_ex4-3.htm" STYLE="-sec-extract: exhibit">Sample
                                            Stock Certificate for Series&nbsp;A Preferred Stock for the Series&nbsp;A Preferred Stock
                                            (incorporated by reference Exhibit&nbsp;4.3 to First United Corporation&rsquo;s Form&nbsp;8-K
                                            filed on February&nbsp;2, 2009)</A></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"><A HREF="#divprosp">4.5</A></TD><TD><A HREF="#divprosp">First United Corporation Dividend Reinvestment and Stock Purchase Plan (included
                                            in the prospectus)</A></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"><A HREF="https://www.sec.gov/Archives/edgar/data/763907/000114420412019424/v307744_ex5-1.htm" STYLE="-sec-extract: exhibit">5.1</A></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/763907/000114420412019424/v307744_ex5-1.htm" STYLE="-sec-extract: exhibit">Opinion of Gordon Feinblatt LLC (previously
                                            filed)</A></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"><A HREF="tm2311697d1_ex23-1.htm" STYLE="-sec-extract: exhibit">23.1</A></TD><TD STYLE="text-align: justify"><A HREF="tm2311697d1_ex23-1.htm" STYLE="-sec-extract: exhibit">Consent of Crowe LLP, independent registered
                                            public accounting firm (filed herewith)</A></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"><A HREF="https://www.sec.gov/Archives/edgar/data/763907/000114420412019424/v307744_ex5-1.htm" STYLE="-sec-extract: exhibit">23.2</A></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/763907/000114420412019424/v307744_ex5-1.htm" STYLE="-sec-extract: exhibit">Consent of Gordon Feinblatt LLC (contained
                                            in Exhibit&nbsp;5.1)</A></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"><A HREF="#a_014">24.1</A></TD><TD STYLE="text-align: justify"><A HREF="#a_014">Power of Attorney (included in the signature
                                            pages)</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"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"><B>Item 17.</B></TD><TD STYLE="text-align: justify"><B>Undertakings.</B></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">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned registrant hereby undertakes:</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">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
include any prospectus required by Section&nbsp;10(a)(3)&nbsp;of the Securities Act of 1933;</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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration
statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities
offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range
may be reflected in the form of prospectus filed with the Commission pursuant to Rule&nbsp;424(b)&nbsp;if, in the aggregate, the changes
in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the &ldquo;Calculation of
Registration Fee&rdquo; table in the effective registration statement;</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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any
material change to such information in the registration statement.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Provided</U></FONT>,
<U>however</U>, that paragraphs (a)(1)(i), (a)(1)(ii), and (a)(1)(iii)&nbsp;do not apply if the information required to be included in
a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the registrant
pursuant to Section&nbsp;13 or Section&nbsp;15(d)&nbsp;of the Exchange Act that are incorporated by reference in the registration statement,
or is contained in a form of prospectus filed pursuant to Rule&nbsp;424(b)&nbsp;that is part of the registration statement.</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">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to
be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be
deemed to be the initial bona fide offering thereof.</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">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination
of the offering.</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">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purpose of determining liability under the Securities Act to any purchaser</FONT><FONT STYLE="font-size: 10pt; background-color: white">,
</FONT>each prospectus filed pursuant to Rule&nbsp;424(b)&nbsp;as part of a registration statement relating to an offering, other than
registration statements relying on Rule&nbsp;430B or other than prospectuses filed in reliance on Rule&nbsp;430A, shall be deemed to
be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no
statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated
or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as
to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration
statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first
use.</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">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution
of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant
to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities
are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to
the purchaser and will be considered to offer or sell such securities to such purchaser:</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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule&nbsp;424;</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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the
undersigned registrant;</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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant
or its securities provided by or on behalf of the undersigned registrant; and</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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
other communication that is an offer in the offering made by the undersigned registrant to the purchaser.</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">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A.</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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing
of the registrant&rsquo;s annual report pursuant to Section&nbsp;13(a)&nbsp;or 15(d)&nbsp;of the Securities Exchange Act of 1934 (and,
where applicable, each filing of an employee benefit plan&rsquo;s annual report pursuant to Section&nbsp;15(d)&nbsp;of the Securities
Exchange Act of 1934) that is incorporated by reference in this registration statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide
offering thereof.</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">(c)-(g)&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons
of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities
and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the
event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid
by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted
by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the
opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question
whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of
such issue.</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">(i)-(k)&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A.</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-align: center"><A NAME="a_014"></A><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-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form&nbsp;S-3 and has duly caused this post-effective amendment to the registration statement to be signed on its behalf
by the undersigned, thereunto duly authorized, in the City of Oakland, State of Maryland, on April&nbsp;4, 2023.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">FIRST UNITED CORPORATION:</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%"> /s/ Carissa L. Rodeheaver</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Carissa L. Rodeheaver</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Chairman, President and Chief Executive Officer</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">(Principal Executive Officer)</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">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Carissa L. Rodeheaver and Tonya K. Sturm, and each of them (with full power to
each of them to act alone), his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution,
for him or her and in his or her name, place and stead, in any and all capacities, to sign any or all amendments (including post-effective
amendments) to this registration statement, and to file the same, with all exhibits thereto and other documents in connection therewith,
with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority
to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents
and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or
any of them, or their substitutes, may lawfully do or cause to be done by virtue 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">Pursuant to the requirements of the Securities
Act of 1933, this post-effective amendment to the registration statement has been signed by the following persons in the capacities and
on April&nbsp;4, 2023.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: left">/s/ John F. Barr</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: left">/s/ Brian R. Boal</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">John F. Barr, Director</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Brian R. Boal, Director</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">/s/ Sanu Chadha</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">/s/ Christy DiPietro</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Sanu Chadha, Director</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Christy DiPietro, Director</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">/s/ John W. McCullough</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">/s/ Patricia Milon</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">John W. McCullough, Director</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Patricia Milon, Director</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">/s/ Beth E. Moran</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">/s/ Carissa L. Rodeheaver</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Beth E. Moran, Director</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Carissa L. Rodeheaver, Director, President</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">and Chief Executive Officer</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">(Principal Executive Officer)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">/s/ I. Robert Rudy</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">I. Robert Rudy, Director</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">/s/ Marisa A. Shockley</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">/s/ H. Andrew Walls,&nbsp;III</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Marisa A. Shockley, Director</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">H. Andrew Walls,&nbsp;III, Director</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">/s/ Tonya K. Sturm</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Tonya K. Sturm, Senior Vice President and</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Chief Financial Officer</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">(Principal Financial Officer and Principal</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Accounting Officer)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</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"></P>

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<DOCUMENT>
<TYPE>EX-4.1(I)
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<FILENAME>tm2311697d1_ex4-1i.htm
<DESCRIPTION>EXHIBIT 4.1(I)
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 4.1(i)</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLES OF AMENDMENT AND RESTATEMENT</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">First United Corporation, a Maryland corporation
(hereinafter called the &ldquo;Corporation&rdquo;), having its principal office in Garrett County, Maryland, hereby certifies to the State
Department of Assessments and Taxation of Maryland that:</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">SECTION I. The Corporation desires to completely
amend and restate its Charter by striking all paragraphs of the Articles of Incorporation and amendments thereto, and inserting in lieu
thereof the following:</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">FIRST: The name of the corporation (hereinafter called
the &ldquo;Corporation&rdquo;) is:</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">FIRST UNITED CORPORATION</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">SECOND: The purposes for which the Corporation is
formed are as follows:</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">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To
exercise all powers of a bank holding 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: 1.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To engage in any lawful act or activities permitted
by a corporation organized under the laws of the State of Maryland.</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">The foregoing enumeration of the purposes, objects
and business of the Corporation is made in furtherance, and not in limitation, of the powers conferred upon the Corporation by law, and
is not intended, by the mention of any particular purpose, object or business, in any manner to limit or restrict the generality of any
other purpose, object or business mentioned, or to limit or restrict any of the powers of the Corporation, and the said Corporation shall
enjoy and exercise all of the powers and rights now or hereafter conferred by statute upon corporations. Nothing herein contained shall
be deemed to authorize or permit the Corporation to carry on any business or exercise any power or do any act which a corporation formed
under the laws of the State of Maryland may not at the time lawfully carry on or do.</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">THIRD: The post office address of the principal office
of the Corporation in this State is 19 South Second Street, Oakland, Maryland 21550-0009. The name and post office address of the resident
agent of the Corporation in this State are William B. Grant, 19 South Second Street, Oakland, Maryland 21550-0009. Said resident agent
is an individual and a citizen of this State who resides in this State.</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">FOURTH: The total number of shares of stock which
the Corporation has authority to issue is Twenty-Seven Million (27,000,000) shares, consisting of Twenty-Five Million (25,000,000) shares
of common stock, $.01 par value per share, and Two Million (2,000,000) shares of preferred stock, without par value. The aggregate value
of all authorized shares having a par value is Two Hundred Fifty Thousand Dollars ($250,000).</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 description of each class of stock of the Corporation,
including any preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends, qualifications, and
terms and conditions of redemption, is as follows:</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">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common
Stock. Subject to the rights of holders of any series of preferred stock established pursuant to paragraph (b) of this Article FOURTH,
each share of common stock shall entitle the holder to one vote per share on all matters upon which stockholders are entitled to vote,
to receive dividends and other distributions as authorized by the Board of Directors in accordance with the Maryland General Corporation
Law (&ldquo;MGCL&rdquo;), and to all rights of a stockholder pursuant to the MGCL. The common stock shall have no preference, preemptive,
conversion or exchange rights.</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; text-indent: 1.5in">Dividends may be declared on the common stock at
such time and in such amounts as the Board of Directors may deem advisable; however, any such dividends shall be subject to the rights
of any preferred stock outstanding, and any share of common stock shall entitle the holder thereof to one (1) vote in any proceedings
in which action shall be taken by stockholders of the Corporation.</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">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series
Preferred Stock. Shares of Preferred Stock may be issued in one or more series, from time to time, with each such series to consist of
such number of shares and to have such voting powers, full or limited, or no voting powers, and such designations, preferences and relative,
participating, optional or other special rights, and the qualifications, limitations or restrictions thereof, as shall be stated in the
resolution or resolutions providing for the issuance of such series adopted by the Board of Directors of the Corporation, and the Board
of Directors is hereby expressly vested with authority, to the full extent now or hereafter provided by law, to adopt any such resolution
or resolutions.</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 authority of the Board of Directors with respect
to each series of Preferred Stock shall include, but not be limited to, determination of the following: (i) the number of shares constituting
that series and the distinctive designation thereof; (ii) the dividend rate on the shares of that series, whether dividends shall be cumulative,
and, if so, from which dates, and the relative rights of priority, if any, of payment of dividends on shares of that series; (iii) whether
that series shall have voting rights, in addition to the voting rights provided by law, and, if so, the terms of such voting rights; (iv)
whether that series shall have conversion privileges, and, if so, the terms and conditions of such conversion, including provision for
adjustment of the conversion rate in such events as the Board of Directors shall determine; (v) whether or not the shares of that series
shall be redeemable, and, if so, the terms and conditions of such redemption, including the date or date upon or after which they shall
be redeemable, and the amount per share payable in case of redemption, which amount may vary under different conditions and at different
redemption dates; (vi) whether that series shall have a sinking fund for the redemption or purchase of shares of that series, and, if
so, the terms and amount of such sinking fund; (vii) the rights of the shares of that series in the event of voluntary or involuntary
liquidation, dissolution or winding up of the Corporation, and the relative rights of priority, if any, of payment of shares of that series;
and (viii) any other relative rights, preferences and limitations of that series.</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 Board of Directors shall have the power from
time to time to (i) classify or reclassify, in one or more series, any unissued shares of series preferred stock, and (ii) reclassify
any unissued shares of any series of series preferred stock, in either case by setting or changing the number of shares constituting such
series and the designation, preferences conversion or other rights, voting powers, restrictions, limitations as to dividends, qualifications
and terms and conditions of redemption of such shares and, in such event, the Corporation shall file for record with the State Department
of Assessments and Taxation of Maryland articles supplementary in substance and form as prescribed by Maryland 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"></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">FIFTH: The number of Directors of the Corporation
shall be not less than three (3) nor more than twenty-five (25). The number of Directors may be increased or decreased in accordance with
the Bylaws of the Corporation. The Directors shall be divided into three classes with respect to the time for which they shall hold office.
Directors of Class I shall hold office for one year or until the first annual meeting of stockholders following their election; Directors
of Class II shall hold office for two years or until the second annual meeting of stockholders following their election; and Directors
of Class III shall hold office for three years or until the third annual meeting of stockholders following their election; and in each
case until their successors are elected and qualify. At each future annual meeting of stockholders, the successors to the Class of Directors
whose term shall expire at that time shall be elected to hold office for a term of three years, so that the term of office of one Class
of Directors shall expire in each year. As of the date hereof, the Directors of Class I are David J. Beachy, Donald M. Browning, Rex W.
Burton, Paul Cox, Jr., Richard D. Dailey, Jr., and William B. Grant; the Directors of Class II are Maynard G. Grossnickle, Raymond F.
Hinkle, Robert W. Kurtz, Andrew E. Mance, Elaine L. McDonald, and Donald E. Moran; the Directors of Class III are Karen F. Myers, I. Robert
Rudy, James F. Scarpelli, Sr., Richard G. Stanton, Robert G. Stuck, and Frederick A. Thayer, III.</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">SIXTH: The following provisions are hereby adopted
for the purposes of describing the rights and powers of the Corporation and of the Directors and stockholders:</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">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors of the Corporation is hereby empowered to authorize the issuance from time to time of shares of stock of any class,
whether now or hereafter authorized, and securities convertible into shares of its stock of any class whether now or hereafter authorized,
for such consideration as the Board of Directors may deem advisable, subject to such limitations and restrictions, if any, as may be set
forth in the Bylaws of the Corporation.</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">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors of the Corporation may from time to time classify or reclassify any unissued shares of stock of any class or series
by setting, fixing, eliminating or altering in any one or more respects the preferences, rights, voting powers, restrictions and qualifications
of, dividends on, and redemption, conversion, exchange and other rights of, such shares.</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">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Corporation reserves the right, upon authorization by the Board of Directors and requisite approval by the affirmative vote of holders
of two-thirds of the outstanding stock, to amend its Charter so that such amendment may alter the contract rights, as expressly set forth
in the Charter, of any such class of outstanding stock.</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 enumeration and definition of a particular
power of the Board of Directors included in the foregoing is for descriptive purposes only and shall in no way limit or restrict the terms
of any other clause of this or any other Article of these Articles of Incorporation, or in any manner exclude or limit any powers conferred
upon the Board of Directors under the MGCL now or hereafter in force.</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">SEVENTH: The Directors of the Corporation shall consider
all factors they deem relevant in evaluating any proposed offer for the Corporation or any of its stock, any proposed merger or consolidation
of the Corporation or subsidiary of the Corporation with or into another entity, any proposal to purchase or otherwise acquire all or
substantially all the assets of the Corporation or any subsidiary of the Corporation, and any other business combination (as such term
is defined in the MGCL). The Directors shall evaluate whether the proposal is in the best interests of the Corporation and its subsidiaries
by considering the best interests of the stockholders and other factors the Directors determine to be relevant. The Directors shall evaluate
the consideration being offered to the stockholders in relation to the then current market value of the Corporation and its subsidiaries,
the then current market value of the stock of the Corporation or any subsidiary in a freely negotiated transaction, and the Directors&rsquo;
judgment as to the future value of the stock of the Corporation as an independent entity.</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">EIGHTH: A Director of the Corporation may be removed
during his or her term of office only for cause, which is defined as a final unappealable conviction of a felony, unsound mind, adjudication
of bankruptcy, or action that causes material injury to the Corporation. Action to remove a Director may be taken only upon by the affirmative
vote of a majority of the entire Board of Directors of the Corporation or by the affirmative vote of a majority of the outstanding voting
stock of the Corporation. Stockholders shall not have the right to remove Directors without such cause. Stockholders may only attempt
to remove a Director for cause after service of specific charges, adequate notice and full opportunity to refute the charges.</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">NINTH: No Director or officer of the Corporation
shall be liable to the Corporation or to its stockholders for money damages except (i) to the extent that it is proved that such Director
or officer actually received an improper benefit or profit in money, property or services, for the amount of the benefit or profit in
money, property or services actually received, or (ii) to the extent that a judgment or other final adjudication adverse to such Director
or officer is entered in a proceeding based on a finding in the proceeding that such Director&rsquo;s or officer&rsquo;s action, or failure
to act, was the result of active and deliberate dishonesty and was material to the cause of action adjudicated in the proceeding. No amendment
of these Articles of Incorporation or repeal of any of its provisions shall limit or eliminate the benefits provided to directors and
officers under this provision with respect to any act or omission which occurred prior to such amendment.</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">SECTION II. The provisions set forth in these Articles
of Amendment and Restatement are all of the provisions of the Charter of the Corporation in effect upon acceptance of these Articles of
Amendment and Restatement (the &ldquo;Articles&rdquo;) for record by the State Department of Assessments and Taxation of Maryland, and
upon such acceptance these Articles shall constitute the entire Charter of the Corporation and supersede all prior Charter papers.</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">SECTION III. The foregoing complete Amendment and
Restatement of the Charter of the Corporation includes amendments to the Charter duly advised by the Board of Directors and approved by
the stockholders of the Corporation in the manner required for a Charter amendment under the Charter and By-laws of the Corporation and
the laws of the State of Maryland.</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">SECTION IV. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors of the Corporation at
a meeting held on December 17, 1997, adopted a resolution in which was set forth the foregoing complete Amendment and Restatement of the
Articles of Incorporation, declaring that said Amendment and Restatement were advisable, and directing that they be submitted to the stockholders
of the Corporation for their consideration.</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">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
stockholders of the Corporation approved the complete Amendment and Restatement of the Articles of the Corporation as hereinabove set
forth at a meeting of the stockholders held on April 28, 1998.</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">SECTION V. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The total number of shares of all classes of
stock of the Corporation heretofore authorized, and the number and par value of the shares of each class are as follows:</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">The total number of shares of stock which the Corporation
has authority to issue is fourteen million (14,000,000) shares, consisting of twelve million (12,000,000) shares of common stock, $.01
par value per share, and two million (2,000,000) shares of preferred stock, without par value. The aggregate value of all authorized shares
having a par value is one hundred twenty thousand dollars ($120,000).</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">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
total number of shares of all classes of stock of the Corporation, as increased, and the number and par value of the shares of each class
are as follows:</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 total number of shares of stock which the Corporation
has authority to issue is Twenty-Seven Million (27,000,000) shares, consisting of Twenty-Five Million (25,000,000) shares of common stock,
$.01 par value per share, and Two Million (2,000,000) shares of preferred stock, without par value. The aggregate value of all authorized
shares having a par value is Two Hundred Fifty Thousand Dollars ($250,000).</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">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends, qualifications, and terms and conditions
of redemption of each class of authorized capital stock, as increased, are as set forth in Section 1, Article FOURTH of these Articles
of Amendment and Restatement.</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">IN WITNESS WHEREOF, First United Corporation has
caused these Articles of Amendment and Restatement to be signed and acknowledged in its name and on its behalf by its Chairman of the
Board and witnessed and attested by its Secretary on this 29<SUP>th</SUP> day of April, 1998, and they acknowledged the same to be the
act of said Corporation, and that to the best of their knowledge, information and belief, all matters and facts stated herein are true
in all material respects and that this statement is made under the penalties of perjury.</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="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">ATTEST:</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">FIRST UNITED CORPORATION</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0; width: 30%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 20%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 5%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 15%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 30%">&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>
    <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="border-bottom: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">/s/ Robert W. Kurtz</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</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/ William B. Grant</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">(SEAL) </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Robert W. Kurtz, Secretary</FONT></TD>
    <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"><FONT STYLE="font-size: 10pt">William B. Grant </FONT></TD>
    <TD STYLE="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>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Chairman of the Board</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 4.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 4.5in"></P>

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<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>tm2311697d1_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;23.1</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-align: center"><B>Consent of Independent Registered Public Accounting
Firm</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">First United Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Oakland</FONT>,
Maryland</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">We consent to the incorporation by reference in Post-Effective Amendment
No.&nbsp;4 to Form&nbsp;S-1 on Form&nbsp;S-3 of First United Corporation of our report dated March&nbsp;24, 2023 on the consolidated
financial statements of First United Corporation appearing in the 2022 Form 10-K of First United Corporation, and to the reference to us under the heading &ldquo;Experts&rdquo; in the prospectus.</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: justify">/s/ Crowe LLP</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: justify">Washington, D.C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">April&nbsp;4, 2023</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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