Business Context and Reporting Period
This Form 8-K is a current report filed by First United Corporation on February 25, 2025. The filing addresses Item 5.02 regarding compensatory arrangements for certain officers under the company's Short-Term Incentive Plan (STIP).
Key Financial Metrics
The filing does not report revenue, profit, cash flow, margins, debt, or liquidity metrics. It focuses exclusively on executive compensation structures.
| Executive Officer | Threshold Payout ($) | Target Payout ($) | Maximum Payout ($) |
|---|---|---|---|
| Carissa L. Rodeheaver (CEO) | 96,600 | 193,200 | 289,800 |
| Tonya K. Sturm (CFO) | 36,796 | 73,593 | 110,389 |
| Robert L. Fisher, II | 36,199 | 78,693 | 118,040 |
| Jason B. Rush | 40,556 | 81,113 | 121,669 |
Material Changes
On February 25, 2025, the Compensation Committee revised the incentive goals for the 2025 STIP award opportunities. The specific performance metrics for each officer are now based on:
- Return on average assets
- Efficiency ratio
- Average delinquencies as a percentage of total loans
- Individual performance criteria specific to each officer
The specific metrics for individual officers are confidential until 2025 financial results are determined and are not disclosed in this filing.
Guidance, Outlook, and Risks
The Committee intends to use these revised incentive goals for award opportunities granted in future years. The company will file an amended Appendix A if goals materially change in the future. No specific financial guidance, risk factors, or contingencies regarding the company's operations were disclosed in this report.
Investor Verification Checklist
- Verify the specific individual performance criteria for each executive once disclosed in future filings (e.g., 10-K or subsequent 8-K).
- Confirm the final 2025 financial results to determine actual payouts against the threshold, target, and maximum levels.
- Review the revised Appendix A (Exhibit 10.1) for any redacted details regarding competitive harm.