Form 4: First United Corp Executive Robert L. Fisher II Sells Shares to Cover Tax Obligations

Robert L. Fisher II, SVP & Chief Revenue Officer of First United Corp, sold 98 shares of common stock on May 6, 2024, to cover tax obligations related to vesting restricted stock units.

Summary

• On May 6, 2024, Robert L. Fisher II, the SVP & Chief Revenue Officer of First United Corp (FUNC), disposed of 98 shares of common stock.
• The transaction was executed to satisfy tax withholding obligations associated with the vesting of time-vesting restricted stock units granted on May 5, 2021.
• The shares were surrendered to the issuer at a price of $22.79 per share.
• Following the transaction, Fisher directly owns 10,836 shares of First United Corp common stock.

Sentiment

Score: 7

Explanation: The sentiment is neutral. This is a routine transaction related to tax obligations, and there's no indication of any significant positive or negative implications for the company.

Management Comments

• The shares were surrendered to the issuer in satisfaction of the tax withholding obligations associated with the vesting of the time-vesting restricted stock units that were granted on May 5, 2021 as permitted by the related award agreement and approved by the issuer's Compensation Committee.

Industry Context

This is a routine transaction where company executives sell shares to cover tax obligations arising from the vesting of stock awards. It's a common practice and doesn't necessarily indicate a change in the executive's confidence in the company.

Comparison to Industry Standards

• Similar transactions are common among executives in publicly traded companies, particularly in the financial sector.
• Companies like JPMorgan Chase & Co, Bank of America, and Citigroup regularly see similar filings from their executives related to stock option exercises and tax obligation fulfillment.
• The amount of shares sold is relatively small, suggesting it's a standard tax-related transaction rather than a significant divestment.

Stakeholder Impact

• The transaction is unlikely to have a significant impact on shareholders, as it involves a small number of shares and is related to standard executive compensation practices.

Key Dates