First United Corp 8-K, filed Jan 8, 2021
First United Corp/Md/ (FUNC)
About this 8-K
First United Corp filed this 8-K on January 8, 2021.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 9.01: Financial statements and exhibits
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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| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
(d) Director Election.
On January 8, 2021, the Board of Directors (the “Company Board”) of First United Corporation (the “Company”) elected Sanu Chadha and Christy DiPietro to serve as Class II directors until the 2021 annual meeting of shareholders and until their successors are duly elected and qualify. The Company Board expects to appoint Ms. Chadha to serve on its Audit Committee, Risk and Compliance Committee, and Compensation Committee, and it expects to appoint Ms. DiPietro to serve on its Asset and Liability Management Committee. Ms. Chadha and Ms. DiPietro have also been elected to serve on the board of directors (the “Bank Board”) of First United Bank & Trust, the Company’s wholly-owned bank subsidiary.
Ms. Chadha, a certified Project Management Professional, is the Managing Partner of M&S Consulting, a management and solutions company founded in 2002 that provides consulting services to enterprise organizations across the United States and abroad regarding strategic process and technology solutions, project management, process improvement, data analytics, and cloud solutions. The Company believes that Ms. Chadha’s election will further its board refreshment objectives and provide additional depth of knowledge and expertise in critical areas of the Company’s operations.
Ms. DiPietro, a Chartered Financial Analyst, is a private investor and the family office manager of Hidden Code Advisory, where she manages a diverse portfolio of assets with responsibilities including investment analysis and strategy, asset allocation, tax matters, insurance matters, estate planning, property management, and charitable giving. Prior to that, she served as a Vice President and Portfolio Manager – Fixed Income at T. Rowe Price Associates, Inc., where she managed $2.3 billion in high-quality taxable fixed income assets for numerous institutional clients. In addition to furthering the Company’s board refreshment objectives, Ms. DiPietro’s election will complement the financial expertise of the Company Board.
For their service on the Company Board and the Bank Board, Ms. Chadha and Ms. DiPietro will receive regular director’s fees, which are subject to change at the discretion of the Company Board and the Bank Board and are disclosed each year in the Company’s definitive proxy statement for the annual meeting of shareholders. For the period between their elections and the 2021 annual meeting of shareholders, Ms. Chadha and Ms. DiPietro will each receive a cash retainer of $4,166.67, a grant of 416 fully-vested shares of common stock of the Company (“Common Stock”), having a grant date fair value of $16.66, and a cash fee of $1,000.00 for each meeting of the Company Board and/or the Bank Board that they attend. The cash fee is reduced to $200.00 when special meetings are called and the meeting lasts less than two hours or is related to regulatory matters. Directors do not receive more than one cash fee when the Company Board and the Bank Board meet together. For their committee service, Ms. Chadha and Ms. DiPietro will each receive a cash fee of $500.00 for attending each meeting of a committee of the Company Board, and a cash fee of $500.00 for attending each meeting of a committee of the Bank Board. Ms. Chadha and Ms. DiPietro may elect to receive some or all of their respective cash retainers in shares of Common Stock. The number of shares paid in lieu of a cash retainer is determined by dividing the portion of the cash retainer to be paid in shares by the mean between the high and low sales price of a share of Common Stock on the trading day immediately preceding the payment date, as reported on The NASDAQ Stock Market.
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All directors are permitted to participate in the Company’s Amended and Restated Executive and Director Deferred Compensation Plan (subject to any eligibility or other requirements thereof), the material terms of which were summarized in the Company’s definitive proxy statement on Schedule 14A for the 2020 annual meeting of shareholders that was filed with the Securities and Exchange Commission on April 17, 2020 under the heading, “Remuneration of Executive Officers”.
Since the beginning of the Company’s fiscal year ended December 31, 2019, neither the Company nor any of its subsidiary has engaged in any transaction with either Ms. Chadha or Ms. DiPietro, nor with any of their respective related interests, for which disclosure would be required pursuant to Item 404(a) of Regulation S-K, and no such transaction is currently proposed for the fiscal year ending December 31, 2021.
(e) Compensatory Arrangements.
On January 8, 2020, the Company and certain of its executive officers, including Carissa L. Rodeheaver, Tonya K. Sturm, Robert L. Fisher II, and Jason B. Rush, entered into Amended and Restated Agreements under the First United Corporation Change in Control Severance Plan (each, an “Agreement”). The Agreements were entered into pursuant to, and are subject to the terms and conditions of, the First United Corporation Change in Control Severance Plan (the “Plan”).
Ms. Rodeheaver’s Agreement was amended to (i) increase the amount of the cash severance benefits to be paid in the event that she incurs a Severance (as defined in the Agreement) following a Change in Control (as defined in the Plan) from 2.0 times her “Final Pay” (as defined in her Agreement) to 2.99 times her Final Pay, (ii) clarify provisions relating to post-termination health and dental insurance benefits in light of the Company’s insurance plan documents, and (iii) clarify provisions relating to the acceleration of outstanding equity awards to include the types of awards that may be granted under the First United 2018 Equity Compensation Plan (the “Equity Plan”). A copy of Ms. Rodeheaver’s Agreement is filed as Exhibit 10.1 hereto.
The Agreements with the other executive officers were amended to (i) clarify provisions relating to post-termination health and dental insurance benefits in light of the Company’s insurance plan documents, and (ii) clarify provisions relating to the acceleration of outstanding equity awards to include the types of awards that may be granted under the Equity Plan. These Agreements are identical to Ms. Rodeheaver’s Agreement, except that they contemplate Severance in an amount equal to 2.0 times the officer’s Final Pay.
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| 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 | Amended and Restated Agreement Under the First United Corporation Change in Control Severance Plan, dated as of January 8, 2021, between the Company and Carissa L. Rodeheaver (filed herewith) | |
| 104 | Cover page interactive data file (embedded within the iXBRL document) |
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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: January 8, 2021 | By: | /s/ Tonya K. Sturm |
| Tonya K. Sturm | ||
| Senior Vice President & CFO | ||
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Exhibit 10.1
AMENDED AND RESTATED AGREEMENT UNDER THE
FIRST UNITED CORPORATION
CHANGE IN CONTROL SEVERANCE PLAN
THIS AMENDED AND RESTATED AGREEMENT (the “Agreement”) is entered into this 8th day of January, 2021 by and between First United Corporation, a Maryland corporation (“the Company”), and Carissa L. Rodeheaver, an executive officer of the Company (the “Eligible Employee”).
RECITALS:
WHEREAS, the Company adopted the First United Corporation Change in Control Severance Plan effective as of February 14, 2007, as amended and supplemented from time to time, a copy of which is attached hereto as Exhibit A (the “Plan”); and
WHEREAS, the Eligible Employee has been designated as a participant in the Plan;
WHEREAS, the Company and the Eligible Employee entered into an Agreement under the First United Corporation Change in Control Severance Plan, dated as of February 14, 2007, that sets forth the benefits to which the Eligible Employee is entitled under the Plan, which was amended by a First Amendment thereto, dated as of December 28, 2012 (collectively, the “Original Agreement”), the current term of which commenced on February 14, 2020 (the “Effective Date”); and
WHEREAS, the Company and the Eligible Employee desire to amend and restate the Original Agreement to revise certain provisions relating to the benefits to which the Eligible Employee is entitled under the Plan and to update the Original Agreement.
NOW, THEREFORE, in consideration of the foregoing, the agreements and covenants set forth herein, and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree to enter into this Agreement, as follows:
1. Definitions. Except as defined in the Recitals and below, capitalized terms in this Agreement shall have the meanings given those terms in the Plan.
| (a) | “Base Amount” means the Eligible Employee’s “annualized includible compensation for the base period,” within the meaning of Sections 280G(d)(1) and (d)(2) of the Code and the Treasury Regulations thereunder. |
| (b) | “Cause” means one of the following reasons for which the Eligible Employee’s employment with the Employer is terminated: (1) willful or grossly negligent misconduct that is materially injurious to the Employer; (2) embezzlement or misappropriation of funds or property of the Employer; (3) conviction of a felony or the entrance of a plea of guilty or nolo contendere to a felony; (4) conviction of any crime involving fraud, dishonesty, moral turpitude or breach of trust or the entrance of a plea of guilty or nolo contendere to such a crime; (5) failure or refusal by the Eligible Employee to devote full business time and attention to the performance of her duties and responsibilities if such breach has not been cured within 15 days after notice is given to the Eligible Employee; or (6) issuance of a final non-appealable order or other direction by a Federal or state regulatory agency prohibiting the Eligible Employee’s employment in the business of banking. |
| (c) | “Change in Control Severance Benefits” means the benefits payable pursuant to Section 3 of this Agreement. |
| (d) | “Change in Control Protection Period” means the period commencing on the date that is 90 days before the date a Change in Control occurs and ending on the first anniversary of the date the Change in Control occurs. |
| (e) | “Contingent Payments” means payments in the “nature of compensation” to (or for the benefit) of an Eligible Employee if such payment is “contingent on a change in the ownership or effective control of the corporation or in the ownership of a substantial portion of the assets of the corporation,” as such terms are defined in Section 280G of the Code and the Treasury Regulations thereunder. |
| (f) | “Disability” shall have the meaning given that term under the First United Bank & Trust Long Term Disability Plan, as in effect at the time a determination of Disability is to be made. |
| (g) | “Employer” means the Company or an Affiliate. |
| (h) | “Equity Plan” means each equity compensation plan adopted by the Company’s Board of Directors, including the First United Corporation 2018 Equity Compensation Plan, and each sub-plan thereunder or thereto. |
| (i) | “Final Pay” means the sum of (1) the Eligible Employee’s annual salary for the year in which employment terminates, regardless of whether all such salary has been paid at the time of termination of employment and (2) the greater of (A) the Eligible Employee’s targeted cash bonus for the year in which employment terminates or (B) the actual cash bonus earned by the Eligible Employee for the year immediately prior to the year in which employment terminates. |
| (j) | “Good Reason” means, without the specific written consent of the Eligible Employee, any of the following: |
(1) A material and adverse change in the Eligible Employee’s status or position(s) as an officer or management employee of the Employer as in effect immediately prior to the Change in Control, including, without limitation, any adverse change in her status or position as an employee of the Employer as a result of a material diminution in her duties or responsibilities (other than, if applicable, any such change directly attributable to the fact that the Employer is no longer publicly owned) or the assignment to her of any duties or responsibilities which are materially inconsistent with such status or position(s) (other than any isolated and inadvertent failure by the Employer that is cured promptly upon her giving notice), or any removal of the Eligible Employee from or any failure to reappoint or reelect her to such position(s) (except in connection with the Eligible Employee’s Severance other than for Good Reason).
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(2) A 10% or greater reduction in the Eligible Employee’s base salary and targeted bonus from the base salary and targeted bonus that was in effective immediately prior to the occurrence of a Change of Control, but disregarding any reduction in bonus which occurs in accordance with the terms of any written bonus program as it reads immediately prior to the occurrence of a Change of Control.
(3) The failure by the Employer or any successor to continue in effect any employee benefit plan (excluding any equity compensation plan) in which the Eligible Employee is participating at the time of the Change in Control (or plans providing the Eligible Employee with at least substantially similar benefits in the aggregate) other than as a result of the normal expiration of any such plan in accordance with its terms as in effect at the time of the Change in Control; or the taking of any action, or the failure to act, by the Employer or any successor which would adversely affect the Eligible Employee’s continued participation in any of such plans on at least as favorable a basis to her as is the case on the date of the Change in Control or which would materially reduce her benefits under any of such plans.
(4) The Employer’s requiring the Eligible Employee to be based at an office that is both more than 50 miles from where her office is located immediately prior to the Change in Control and further from her then current residence, except for required travel on the Employer’s business to an extent substantially consistent with the business travel obligations which the Eligible Employee undertook on behalf of the Employer prior to the Change in Control.
(5) The failure by the Company to obtain assumption of the Plan by a successor.
| (k) | “Key Employee” means, for the 12-month period beginning on a particular April 1, an Eligible Employee described in Section 416(i) of the Code (applied in accordance with the Section 416 regulations and disregarding Section 416(i)(5) of the Code) at any time during the 12-month period ending on the preceding December 31. |
| (l) | “Severance” means (1) the involuntary termination of the Eligible Employee’s employment by the Employer, other than for Cause, death or Disability or (2) a termination of the Eligible Employee’s employment by the Eligible Employee for Good Reason, in each case, during the Change in Control Protection Period; provided, however, that in each case the termination constitutes a “separation from service” within the meaning of Section 409A(a)(2)(A)(i) of the Code and Treasury Regulations thereunder. |
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| (m) | “Severance Date” means the date on which the Eligible Employee incurs a Severance. |
| (n) | “Welfare Benefit Continuation Period” means the period that (1) commences on the first day of the month that immediately follows the month in which the Eligible Employee’s Severance Date occurs and (2) ends on the last day of the month in which the second anniversary of such Severance Date occurs. |
2. Term of Agreement. The term of this Agreement shall commence on the Effective Date and shall terminate on the first (1st) anniversary of the Effective Date; provided, however, that (a) the Agreement shall automatically extend for additional one-year terms unless the Company provides written notice to the Eligible Employee not less than 6 months before the end of the then-current term; and (b) the Agreement shall automatically extend until the end of the Change in Control Protection Period if a Change in Control occurs during the term of the Agreement.
3. Change in Control Severance Benefits.
| (a) | Generally. Subject to subsections (h) and (i) below and Section 4, the Eligible Employee shall be entitled to the Change in Control Severance Benefits provided in this Section 3 if she incurs a Severance during the Change in Control Protection Period. Except for any benefits to which the Eligible Employee may be entitled to receive pursuant to the First United Bank & Trust Supplemental Executive Retirement Plan (as amended or supplemented from time to time), the Change in Control Severance Benefits provided in this Section 3 shall be the sole severance payments and benefits to which the Eligible Employee shall be entitled during the Change in Control Protection Period. |
| (b) | Payment of Accrued Obligations. If the Eligible Employee incurs a Severance during the Change in Control Protection Period, the Company shall pay to her a lump sum payment in cash, no later than 10 days after the Severance Date, equal to the sum of (1) the Eligible Employee’s accrued annual base salary and any accrued vacation pay through the Severance Date, and (2) the Eligible Employee’s annual bonus earned for the fiscal year immediately preceding the fiscal year in which the Severance Date occurs if such bonus has not been paid as of the Severance Date. |
| (c) | Payment of Severance. Subject to subsections (h) and (i) below and Section 4, if the Eligible Employee incurs a Severance during a Change in Control Protection Period, the Company shall pay to her a lump sum cash payment on the 60th day after the Severance Date, equal to 2.99 times the Eligible Employee’s Final Pay. |
| (d) | [Intentionally Omitted]. |
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| (e) | Immediate Vesting of Equity-Based Compensation Awards upon a Change in Control. Subject to subsections (h) and (i) below and Section 4, if the Eligible Employee incurs a Severance during the Change in Control Protection Period, (1) the unexercised portions of all stock options and stock appreciation rights granted to the Eligible Employee under the Equity Plan that have not expired or been forfeited pursuant to their terms shall automatically accelerate and become fully exercisable, (2) the restrictions and conditions on all outstanding stock awards granted to the Eligible Employee under the Equity Plan that have not expired or been forfeited pursuant to their terms shall immediately lapse, (3) all unpaid dividend equivalents granted to the Eligible Employee under the Equity Plan that have not expired or been forfeited pursuant to their terms shall become fully payable in amounts determined by the Committee, (4) the restrictions and conditions on all outstanding stock-based awards not described in clauses (1) through (3) above granted to the Eligible Employee that vest based solely on the passage of time and that have not expired or been forfeited pursuant to their terms shall immediately lapse, (5) all outstanding stock-based awards not described in clauses (1) through (3) above granted to the Eligible Employee that vest based, in whole or in part, on the satisfaction of one or more performance criteria and that have not expired or been forfeited pursuant to their terms shall become payable in an amount not less than their target amounts, as determined by the Committee; provided, however, that, where a Severance precedes the Change in Control and the terms of any award granted to the Eligible Employee under the Equity Plan would otherwise call for the forfeiture of such award upon the termination of the Eligible Employee’s employment with the Company, such award shall not be deemed to be forfeited on account of the Eligible Employee’s Severance and shall remain outstanding (subject to the other terms of the award, including its original term) as if the Change in Control preceded the Severance; and provided further that if there is an inconsistency between this Section 3(f) and any term or condition of an award agreement relating to any of the foregoing equity awards, then this Section 3(f) shall control. |
| (f) | Benefit Continuation. Subject to subsections (h) and (i) below and Section 4, if the Eligible Employee incurs a Severance during the Change in Control Protection Period, then, for each month that is included in the Welfare Benefit Continuation Period, the Company shall make a cash payment to the Eligible Employee in an amount equal to the amount that the Employer would have paid to cover the Eligible Employee under the Employer’s medical and dental plan(s) had the Eligible Employee remained an active employee of the Company and covered under such plan(s) during such month (with the same type and level of coverages that she maintained as of her Severance Date), after giving effect to any amounts that the Eligible Employee would have paid for such coverages had she remained an active employee of the Company during such month. The Company shall not be obligated to “gross up” or otherwise compensate the Eligible Employee for any taxes due on amounts paid pursuant to the preceding sentence. |
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Notwithstanding any other provision of this subsection (f), the Company’s obligation to make the payments contemplated by the preceding paragraph shall terminate on the date on which the Eligible Employee becomes covered under one or more plans sponsored by a new employer (other than a successor to the Company) that, in the sole discretion of the Plan Administrator, are determined to provide coverages that are at least equivalent in the aggregate to the coverages that the Eligible Employee would have had if she had remained an active employee of the Company and covered under the Employer’s plan(s) during the Welfare Benefit Continuation Period.
| (g) | Outplacement Services. Subject to subsection (i) below and Section 4, if the Eligible Employee incurs a Severance during the Change in Control Protection Period, the Company shall provide her with reasonable outplacement services for up to 12 months following the Severance Date. |
| (h) | Release. The Company will provide the Eligible Employee with a written release and agreement within five (5) days of his Severance during a Change in Control Protection Period. The Eligible Employee shall not be eligible to receive any Change in Control Severance Benefits provided in this Section 3 (other than payments under Section 3(b)) and such Change in Control Severance Benefits shall be forfeited unless she has executed and submitted the written release and agreement provided by the Company and the applicable period during which the Eligible Employee may revoke such release and agreement has expired on or before the 60th day after the date provided in subsection 3(c). |
| (i) | Restriction on Timing of Distribution for Key Employees. Notwithstanding any provision of this Agreement to the contrary and to the extent required by Section 409A of the Code and the Treasury Regulations thereunder, if the Eligible Employee is a Key Employee and any class of securities of the Company (or of any person with whom the Company would be considered a single employer under Section 414(b) and (c) of the Code) is publicly traded as of the Eligible Employee’s Severance Date, no distribution may be made to the Eligible Employee on account of such Severance before the date that is six (6) months after the Severance Date (or, if earlier, the date of the Key Employee’s death). |
4. Reduction of Change in Control Severance Benefits.
| (a) | Reduction. If it is determined that the aggregate present value of (1) such portion of the Eligible Employee’s Change in Control Severance Benefits that are considered Contingent Payments, and (2) all other Contingent Payments payable to the Eligible Employee exceeds 2.99 times the Eligible Employee’s Base Amount such that the excise tax under Section 4999 of the Code would otherwise be triggered, then the Change in Control Severance Benefits provided in Section 3(c) shall be reduced to the extent necessary so that the aggregate present value of all Contingent Payments payable following such reduction does not exceed 2.99 times the Eligible Employee’s Base Amount. |
| (b) | Determination. The determination that the aggregate present value of the Eligible Employee’s Contingent Payments exceed 2.99 times her Base Amount, and the calculation of the amount of any reduction, shall be made, at the Company’s discretion, by the Company’s outside auditing firm or by a nationally-recognized accounting or benefits consulting firm designated by the Company prior to a Change in Control. The firm’s expenses shall be paid by the Company. |
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| (c) | Payment of Remaining Benefits. If the determination is made that an Eligible Employee’s Change in Control Severance Benefits must be reduced in accordance with Section 4(b), then the amount of such Benefits that are actually paid to the Eligible Employee pursuant to Section 3(c) will be the amount determined under Section 4(a) (the “Remaining Benefits”) and such Remaining Benefits will be paid at the same time and in the same form otherwise specified in Section 3(c). |
5. Taxes; Withholding. The Eligible Employee shall be responsible for the payment of all applicable local, state and federal taxes associated with the Eligible Employee’s participation in the Plan and the receipt of Change in Control Severance Benefits hereunder, and the Company shall have the right to deduct from any distributions hereunder any such taxes or other amounts required by law to be withheld therefrom.
6. General Provisions
| (a) | Amendment and Termination. This Agreement may not be terminated prior to the end of its then-current term without the written consent of the Eligible Employee. This Agreement may be amended by the Board at any time; provided, however, that this Agreement may not be amended without the written consent of the Eligible Employee if such amendment would in any manner adversely affect the interests of the Eligible Employee. Any action taken by the Company or the Plan Administrator to cause the Eligible Employee to no longer be designated as an Eligible Employee or any action taken by the Company or the Plan Administrator to decrease the benefits for which the Eligible Employee is eligible shall be treated as an amendment to the Agreement which adversely affects the interests of the Eligible Employee. |
| (b) | Compliance with Law. Notwithstanding subsection (a) above or any other provision of this Agreement to the contrary, the Company may amend, modify or terminate this Agreement, without the consent of the Eligible Employee, as the Company deems necessary or appropriate to ensure compliance with any law, rule, regulation or other regulatory pronouncement applicable to the Plan or this Agreement, including, without limitation, Section 409A of the Code and any Treasury Regulations or other guidance thereunder. |
| (c) | Governing Law. This Agreement shall be construed and enforced according to the laws of the State of Maryland to the extent not preempted by federal law, without regard to any conflict of laws principles that would apply the law of another jurisdiction. |
| (d) | Severability. If any provision of this Agreement shall be held invalid or unenforceable, such invalidity or unenforceability shall not affect any other provisions hereof, and this Agreement shall be construed and enforced as if such provisions had not been included. |
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| (e) | Headings and Terms. The headings and captions herein are provided for reference and convenience only, shall not be considered part of the Agreement, and shall not be employed in the construction of the Agreement. Capitalized terms shall have the meanings given herein. Singular nouns shall be read as plural and masculine pronouns shall be read as feminine, and vice versa, as appropriate. |
| (f) | Successors. This Agreement shall be binding upon each of the parties and shall also be binding upon their respective successors or assigns. |
| (g) | Application of the Plan; Entire Agreement. The Eligible Employee acknowledges, by executing this Agreement, that (1) this Agreement is subject in all respects to the provisions of the Plan, as amended from time to time, the terms of which are incorporated herein by reference and made a part hereof, (2) that a copy of the Plan and all amendments thereto through the date hereof were provided to the Eligible Employee on the date hereof, and (3) she understands and accepts of all of the terms and conditions of the Plan. This Agreement sets forth the entire agreement of the parties with respect to the subject matter hereof. Any and all prior agreements or understandings with respect to such matters, including, without limitation, the Original Agreement, are hereby superseded. |
IN WITNESS WHEREOF, each of the parties has caused this Agreement to be executed as of the date first set forth above.
| ATTEST: | FIRST UNITED CORPORATION | ||
| /s/ | By: | /s/ Carissa L. Rodeheaver | |
| Name: | Carissa L. Rodeheaver | ||
| Title: | Chairman, President & CEO | ||
| WITNESS: | ELIGIBLE EMPLOYEE | ||
| /s/ | /s/ Carissa L. Rodeheaver | ||
| Name: Carissa L. Rodeheaver | |||
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