UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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INFORMATION TO BE INCLUDED IN THE REPORT
Item 8.01. Other Events.
On August 26, 2020, the Board of Directors of First United Corporation (the “Company”) authorized the Trust Department of First United Bank & Trust (the “Trust Department”) to use assets in the First United Corporation noncontributory defined benefit pension plan (the “Pension Plan”) to purchase up to 150,000 outstanding shares of the Company’s common stock, to be held as an investment in the Pension Plan. The shares may be purchased in open market transactions or privately-negotiated transactions at such times, in such amounts, at such prices and upon such other terms as are determined in the discretion of the Trust Department, which administers the Pension Plan, provided that each proposed purchase must be consistent with applicable laws and regulations, including Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended, and the laws that govern the Trust Department’s fiduciary responsibilities, and the Company’s blackout policy.
It should be noted that the Trust Department might not purchase any shares under this authorization. Whether any purchases are made (and the number of shares purchased) will depend on a variety of factors, including the opportunities (if any) to purchase shares that might exist from time to time, the prices and volumes at which such shares might be available, and the Trust Department’s assessment of other factors that it deems relevant to investing plan assets in shares.
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 |
| 104 | Cover page interactive data file (embedded within the iXBRL document) |
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: August 28, 2020 | By: | /s/ Tonya K. Sturm | |
| Tonya K. Sturm | |||
| Senior Vice President & CFO | |||
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