FIRST UNITED CORP/MD/ (FUNC) EVP receives RSU shares, surrenders portion for tax

Rhea-AI Filing Summary

FIRST UNITED CORP/MD/ executive Keith Sanders reported a stock-based compensation event. On March 16, he received 420 shares of Common Stock at no cost, issued upon vesting of time-based RSUs originally granted on March 15, 2023. To cover related tax withholding obligations, 141 shares were surrendered back to the company at $35.99 per share, as permitted by the award agreement and approved by the Compensation Committee. After these transactions, Sanders directly holds 15,461.8195 shares of Common Stock.

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

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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^*

Sanders Keith

(Last) (First) (Middle)

19 SOUTH SECOND STREET

(Street)

OAKLAND MARYLAND 21550

(City) (State) (Zip)

UNITED STATES

(Country)

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

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP & Chief Wealth Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/16/2026

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

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

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

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	03/16/2026		A		420(1)	A	$0	15,602.8195	D
Common Stock	03/16/2026		F		141(2)	D	$35.99	15,461.8195	D

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 issued pursuant to time-vesting restricted stock units ("RSUs") that were granted on March 15, 2023.

2. The shares were surrendered to the issuer in satisfaction of the tax withholding obligations associated with the vesting of the RSUs as permitted by the related award agreement and approved by the issuer's Compensation Committee.

	/s/ Keith R. Sanders	03/17/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did FIRST UNITED CORP/MD/ (FUNC) report for Keith Sanders?

FIRST UNITED CORP/MD/ reported that EVP & Chief Wealth Officer Keith Sanders received 420 Common Stock shares from vested RSUs. In a related step, 141 shares were surrendered back to the company to satisfy tax withholding obligations tied to this vesting event.

How many FIRST UNITED CORP/MD/ (FUNC) shares does Keith Sanders hold after this Form 4?

After the reported transactions, Keith Sanders directly holds 15,461.8195 shares of FIRST UNITED CORP/MD/ Common Stock. This reflects the RSU-related share issuance and the surrender of 141 shares to cover tax withholding obligations on the vesting.

Were the new FIRST UNITED CORP/MD/ (FUNC) shares to Keith Sanders an open-market purchase?

No, the 420 shares reported for Keith Sanders were not an open-market purchase. They were issued at no cost upon vesting of time-vesting RSUs originally granted on March 15, 2023 as part of his compensation package.

Why did Keith Sanders surrender 141 FUNC shares to FIRST UNITED CORP/MD/?

Keith Sanders surrendered 141 shares of Common Stock to FIRST UNITED CORP/MD/ to satisfy tax withholding obligations. This occurred in connection with the vesting of his RSUs and was allowed under the award agreement and approved by the Compensation Committee.

What does the tax withholding transaction at $35.99 imply for FUNC shares?

The Form 4 shows 141 shares surrendered at $35.99 per share to cover taxes on vested RSUs. This is an internal tax-withholding mechanism, not an open-market sale, and does not represent discretionary selling activity by Keith Sanders.

What role does RSU vesting play in this FIRST UNITED CORP/MD/ (FUNC) Form 4?

The Form 4 centers on RSU vesting for Keith Sanders. RSUs granted on March 15, 2023 vested, resulting in 420 shares issued and 141 surrendered for taxes, illustrating routine equity-based executive compensation rather than open-market share trading.