SEC Form 4 · accession 0001014100-15-000022
FIRST UNITED CORP/MD/ · FUNC
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
William B Grant
Officer — Chairman & CEO · Director
Period of report
Aug 20, 2015
Accepted (ET)
Aug 24, 2015 · 1:31 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000763907
Table I — non-derivative securities
No Table I lines on this filing.
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Phantom StockF1,F2 | — | Aug 20, 2015 | I | 2,000 | A | — | — | Common Stock | 2,000 | 21,000 | D |
Explanation of responses
- F1Each share of phantom stock represents the right to receive one share of First United Corporation common stock or the cash value thereof.
- F2Shares of phantom stock are payable in cash or in shares of common stock of First United Corporation following the reporting person's separation from service with First United Corporation. The phantom stock account is maintained under a deferred compensation plan, and the reporting person may transfer that account into an alternative account at any time.