Business Context and Reporting Period
This Form 8-K is filed by First United Corporation (FUNC), a Maryland corporation, with a reporting date of March 11, 2026. The filing addresses a specific corporate governance event regarding executive compensation rather than periodic financial results.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on a contractual amendment to an executive severance plan.
Material Changes
The primary material change disclosed is an amendment to the Change in Control Severance Plan for Jason B. Rush, President and CEO of First United Corporation and its subsidiary, First United Bank & Trust. Effective March 11, 2026, the cash severance benefit multiplier was increased from 2.0 times to 2.99 times Mr. Rush's "Final Pay" in the event of a severance following a Change in Control.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on financial outlook, or discussion of general business risks. The only contingency noted is the potential payout of increased severance benefits should a Change in Control and subsequent severance occur.
Investor Verification Checklist
- Verify the definition of "Final Pay" in the Second Amended and Restated Agreement (Exhibit 10.1) to calculate potential liability.
- Review the original Change in Control Severance Plan (Exhibit 10.7 to the 2025 10-K) to understand the baseline terms.
- Confirm the total potential cash obligation increase relative to the CEO's current compensation package.
- Check for any shareholder approval requirements associated with this amendment under Nasdaq listing rules.