[Form 4] First United Corp Insider Trading Activity

Rhea-AI Filing Summary

Ardelyx (ARDX) has filed an 8-K detailing three material events.

Item 2.02 – Results of Operations: Q2-25 financial results were released separately as Exhibit 99.1; the filing itself contains no revenue, EPS or guidance figures.

Item 5.02 – Executive Transition: CFO/COO Justin Renz will leave the role on the earlier of 31 Dec 2025 or 30 days after a new CFO begins. Under an August 1, 2025 Transition Agreement he will (i) remain on current salary, benefits and 2025 bonus eligibility (individual component fixed at 100%) through the separation date and (ii) receive change-in-control severance and a 12-month post-separation option exercise window, subject to customary release and compliance conditions.

Item 5.03 – Governance Changes: The Board adopted Second Amended & Restated Bylaws effective August 1. Key revisions tighten shareholder proposal procedures (record-holder requirement, 67% solicitation threshold, nominee cap), update quorum language, drop physical shareholder-list production, introduce a forum-selection clause and make other technical edits.

No other business, transactions or financial statements were reported.

Positive

• Orderly CFO transition with up to five-month overlap reduces leadership risk.
• Extended option exercise window may foster executive alignment through the transition.
• Bylaw revisions clarify procedural rules, potentially reducing legal ambiguity and costs.

Negative

• CFO/COO departure introduces leadership uncertainty if successor search drags.
• Stricter shareholder nomination thresholds could be viewed as entrenchment and attract governance criticism.
• Lack of embedded Q2 financial data limits immediate assessment of operating performance.

Insights

Corporate Governance Expert

TL;DR: Bylaw overhaul centralises control; may curb activist leverage but adds procedural clarity.

The revised bylaws impose stricter eligibility and solicitation thresholds on shareholders, reducing the ease of running dissident slates. Adding a forum-selection clause limits venue shopping for litigation, which can lower legal costs but may deter claims. Removing physical shareholder-list requirements aligns with recent Delaware reforms and digital practice. Overall governance impact is mildly shareholder-unfriendly yet operationally efficient.

Equity Analyst

TL;DR: Planned CFO exit is orderly; financial impact minimal unless replacement lags.

Renz’s staged departure gives up to five months for a successor search, limiting disruption. Continued salary and bonus accrual plus extended option life are modest, one-time costs. Without Q2 metrics we cannot gauge operating performance; investors should review Exhibit 99.1. Overall, today’s disclosures are governance-centric and unlikely to alter near-term valuation.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Rodeheaver Carissa Lynn

(Last) (First) (Middle)

19 SOUTH SECOND STREET

(Street)

OAKLAND MD 21550

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
FIRST UNITED CORP/MD/ [ FUNC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chairman, President & CEO

3. Date of Earliest Transaction (Month/Day/Year)
08/01/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/01/2025		P		38.3355(1)	A	$35.92	46,555.1458(2)	D
Common Stock	08/04/2025		P		120.479(1)	A	$32.28	46,675.6248	D
Common Stock								85.041(3)	I	By spouse as UTMA custodian for son
Common Stock								923.2551(4)	I	By 401(k) plan

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The shares were purchased pursuant to a dividend reinvestment program offered through a brokerage account maintained by the reporting person.

2. Amount includes 128.6327 shares acquired with reinvested dividends pursuant to the First United Corporation Dividend Reinvestment and Stock Purchase Plan since the date of the last report.

3. Amount includes 0.5447 shares acquired with reinvested dividends pursuant to the First United Corporation Dividend Reinvestment and Stock Purchase Plan since the date of the last report.

4. Amount includes 6.2775 shares acquired with reinvested dividends pursuant to the First United Corporation Dividend Reinvestment and Stock Purchase Plan since the date of the last report.

	/s/ Carissa L. Rodeheaver	08/04/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

When will Ardelyx's CFO Justin Renz leave the company?

No later than December 31, 2025, or 30 days after the new CFO’s start date, whichever comes first.

What severance benefits will the departing CFO receive?

If conditions are met, Mr. Renz receives benefits under the April 29, 2025 Change-in-Control Severance Agreement plus a 12-month option exercise window.

Why did Ardelyx amend its bylaws in August 2025?

The Second Amended & Restated Bylaws update shareholder proposal rules, quorum definitions, remove stockholder-list requirements and add a forum-selection clause.

Does the 8-K include Ardelyx’s Q2 2025 financial numbers?

No. The figures are in the press release filed as Exhibit 99.1; the 8-K only references their availability.

How do the bylaw changes affect shareholder nominations?

Shareholders must now be record owners, solicit holders of at least 67 % of voting shares, and cannot nominate more candidates than seats up for election.