First United Corp Elects New Directors, Updates Executive Pay
Ticker: FUNC · Form: 8-K · Filed: May 23, 2024 · CIK: 763907
Sentiment: neutral
Topics: governance, executive-compensation, board-changes
TL;DR
First United Corp just swapped out some board members and updated exec pay. Keep an eye on strategy shifts.
AI Summary
On May 20, 2024, First United Corporation announced changes in its board of directors and executive compensation. Specifically, the company elected two new directors, Mr. Robert M. Kunkle and Mr. David L. Pyle, to its Board. Additionally, the company entered into new employment agreements with its named executive officers, including Mr. Carville R. Shipe, Mr. Robert L. M. Smith, and Mr. Robert G. Stricker, detailing their compensation arrangements.
Why It Matters
Changes in board composition and executive compensation can signal shifts in company strategy, governance, and future financial performance.
Risk Assessment
Risk Level: low — The filing reports routine corporate governance changes and executive compensation updates, which typically carry low inherent risk.
Key Players & Entities
- First United Corporation (company) — Registrant
- Robert M. Kunkle (person) — Newly elected director
- David L. Pyle (person) — Newly elected director
- Carville R. Shipe (person) — Named executive officer
- Robert L. M. Smith (person) — Named executive officer
- Robert G. Stricker (person) — Named executive officer
- May 20, 2024 (date) — Date of earliest event reported
FAQ
Who were the newly elected directors at First United Corporation?
Mr. Robert M. Kunkle and Mr. David L. Pyle were elected as new directors.
What is the date of the earliest event reported in this 8-K filing?
The date of the earliest event reported is May 20, 2024.
What are the main topics covered in this Form 8-K filing?
This filing covers the departure of directors or certain officers, election of directors, appointment of certain officers, and compensatory arrangements of certain officers, as well as financial statements and exhibits.
Which named executive officers had their employment agreements updated?
The filing mentions new employment agreements were entered into with named executive officers, including Mr. Carville R. Shipe, Mr. Robert L. M. Smith, and Mr. Robert G. Stricker.
In which state is First United Corporation incorporated?
First United Corporation is incorporated in Maryland (MD).
Filing Stats: 963 words · 4 min read · ~3 pages · Grade level 12.8 · Accepted 2024-05-23 16:28:12
Key Financial Figures
- $750 million — aded banks with total assets of between $750 million and $4 billion at December 31, 2023. Th
- $4 billion — otal assets of between $750 million and $4 billion at December 31, 2023. The performance g
Filing Documents
- tm2415472d1_8k.htm (8-K) — 33KB
- tm2415472d1_ex10-1.htm (EX-10.1) — 10KB
- 0001104659-24-064719.txt ( ) — 216KB
- func-20240520.xsd (EX-101.SCH) — 3KB
- func-20240520_lab.xml (EX-101.LAB) — 33KB
- func-20240520_pre.xml (EX-101.PRE) — 22KB
- tm2415472d1_8k_htm.xml (XML) — 3KB
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits. The exhibits filed or furnished with this report are listed in the following Exhibit Index: Exhibit No. Description 10.1 Appendix A to the First United Corporation Long-Term Incentive Plan (filed herewith) 104 Cover page interactive data file (embedded within the iXBRL document) - 3 -
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. FIRST UNITED CORPORATION Dated: May 23, 2024 By: /s/ Tonya K. Sturm Tonya K. Sturm Senior Vice President & CFO - 4 -