First · NASDAQ:FUNC
First — First United — Proxy Contest (May 2020)
52 slides from First's proxy contest presentation, May 18, 2020
Slide 1: First United and the Maryland Commissioner
DRIVER MANAGEMENT COMPANY LLC FIRST UNITED AND THE MARYLAND COMMISSIONER
Slide 2: Disclaimer
DISCLAIMER This pesention ond ony of the information contined herein tis Preseraton' isfor general ifematinol purposes ony nd isnotcomplee. Under no cicunstancesis this Pesenttion intended tobe, nor souditbe constued a advice or oreconmendatonto erento or conde any rasachonr buy or sel any secrty wh
Slide 3: First United and the Maryland Commissioner worked together
FIRST UNITED AND THE MARY AND COMMISSIONER First United and the Maryland Commis Commissioner's investigation sioner worked together to coordinate the Maryland On November 1, 2019, First United, through their attorney Andrew Bulgin, requested that the Maryland Commissioner investigate Driver's purcha
Slide 4: First United and Andrew Bulgin did not want anyone to know about their involvement
FIRST UNITED AND THE MARYLAND COMMISSIONER First United and Andrew Bulgin did not want anyone to know about their involvement gh ‘Teresa Louro »LABOR- <teresz.Jouro@marylend.gov> Mary! RE: FW: [EXTERNAL] Delivery Notification for Order 793434.00 {message Bulgin, Androw D, <abulgh@gfiaw.com> Fr, Nov
Slide 5: First United discussed requesting an SEC investigation of Driver
FIRST UNITED AND THE MARYLAND COMMISSIONER First United and Andrew Bulgin discussed with the Maryland Commissioner the possibility of requesting that the Securities and Exchange Commission (the “SEC”) launch an investigation of Driver and other First United shareholders based on retweets on Twitter
Slide 6: Irony of Andrew Bulgin's email
FIRST UNITED AND THE MARYLAND COMMISSIONER Itis unclear if Andrew Bulgin appreciated the irony of this email Michelle Denoncourt -DLLR- <micnells.denoncourt@mnaryland.gov> ‘Wed, Nov 27, 201 al 9:36 AN io: “Bulin, Andrew D." <abulgin@ghraw.com> (ee "Terosn Lauro (esnal" Ceresalouro@maryland.gov>, "To
Slide 7: Wanted action before Driver could nominate candidates
FIRST UNITED AND THE MARYLAND COMMISSIONER First United and Andrew Bulgin obviously wanted the Maryland Commissioner to take action before Driver could nominate candidates for election to the Board of Directors RE: Driver Pross Release ‘message Bulgin, Andrew D. <abulgln@gttav.con> ‘Tue, Nov 19, 201
Slide 8: Email on plurality carve out voting standard demand
FIRST UNITED AND THE MARYLAND COMMISSIONER Email discussing Driver's demand that First United adopt a plurality carve out voting standard for contested elections om:B, etew0.ebignsnsem> Seren, eee 1,201 438 Teves nue as ces nroenarans > CeMcheleA Dennccrt nicl eorex nnd gor chee serena paar go; 9) S
Slide 9: Avoiding amending Bylaws for plurality carve out
FIRST UNITED AND THE MARYLAND COMMISSIONER First United and Andrew Bulgin were proud of the way they avoided amending First United's Bylaws to provide for a plurality carve out for contested elections RE: [EXTERNAL] Re: CONFIDENTIAL SUPERVISORY INFORMATION ‘1 mossage Bulgin, Androw D, <abulginfggtla
Slide 10: Constitutional implications of the Commissioner's actions
FIRST UI ED AND THE MA ND COMMISSIONER Someone was clearly concerned about the constitutional implications of the Maryland Commissioner's actions Firat United BE 4 bast Due Process: Sinoé stock is personal property, and voting power isa common sharcholder right, without hitting the 25% threshold, if
Slide 11: Driver not notified of investigation until January 21, 2020
FIRST UNITED AND THE MARYLAND COMMISSIONER Driver was not notified of the Maryland Commissioner's investigation until January 21, 2020 ‘OFFICE OF THE COMMISSIONER OF FINANCIAL REGULATION Maryland Bale MAA 2120 OEPARTHENTOF oo sored Sus Count ry 21, 2020 VIA CERTIFIED US. MAIL-RETURN RECEIPT REQUESTE
Slide 12: Waiting for Commissioner to stop Driver
FIRST UNITED AND THE MARYLAND COMMISSIONER First United and Andrew Bulgin were impatiently waiting for the Maryland Commissioner to stop Driver from exercising its rights as a shareholder Te etd Belnan-DLLR- esbelnengreryd go> se bgt ota at tot Cooper etsy tts capa aed ater singe ay rales me ik hat
Slide 13: Hiding that First United instigated the investigation
FIRST UNITED AND THE MARYLAND COMMISSIONER First United and Andrew Bulgin affirmatively sought to hide the fact that First United instigated the Maryland Commissioner's investigation |From: Bulgin, Andtew D. <cbulgin@gtiaw com> \Sent: Friday, February 28, 2020 4:57 PM ITo: Alexander koehler@maryland
Slide 14: Seeking Maryland state government assistance
FIRST UNITED AND THE MARYLAND COMMISSIONER First United cast a wide net in looking for Maryland state government assistance Subject: Meeting with Governor et al From: "Edwards, George Senator" <George.Edwards@senate.state.md.us> Date: 1/15/2020, 3:46 PM To: "keiffer.mitchell@maryland.gov'" <keiffer.
Slide 15: Targeting shareholders who supported Driver
FIRST UNITED AND THE MARYLAND COMMISSIONER First United sought to have any shareholders who expressed support for Driver to be targeted for investigation by the Maryland Commissioner - Forwarded message -—~ From: Jedd Bellman -DLLR- <jedd.beliman@maryland.gov> Date: Wed, Jan 22, 2020 at 10:14 PM Sub
Slide 16: First United lied about its role in the investigation
FIRST UNITED AND THE MAR ND COMMISSIONER First United has lied to shareholders regarding its role in the Maryland Commissioner's investigation and has attempted to falsely distance itself from its desperate lobbying of the Maryland Commissioner Where Else Driver is Wrong: Regulatory Investigation Di
Slide 17: Driver disputes bases for the investigation
FIRST UNITED AND THE MARYLAND COMMISSIONER Driver has repeatedly disputed the factual and legal bases for the Maryland Commissioner's investigation Febuary 28,2020 Office ofthe Commision of Fianil Regulation Att. A. Taras Kober, Ast Di of afrcerent 500 Norn Calvert Set, Suite 402 Bakar Maryland 2202
Slide 18: Driver disputes bases for the investigation (continued)
FIRST UNITED AND THE MARYLAND COMMISSIONER Driver has repeatedly disputed the factual and legal bases for the Maryland Commissioner's investigation It is clear that First United is using the mere pendeney of the Inquiry Propeganda in its proxy contest forthe upcoming election of directors. What is l
Slide 19: Shareholders can send a message to those who seek to trample their rights
SHAREHOLDERS CAN SEND A MESSAGE TO THOSE WHO SEEK TO TRAMPLE THEIR RIGHTS VOTE ON THE WHITE PROXY CARD FOR DRIVER’S INDEPENDENT SLATE AT THIS YEAR’S ANNUAL MEETING
Slide 20: Driver has nominated highly qualified, independent candidates
DRIVER HAS NOMINATED HIGHL' CANDIDATES UALIFIED, INDEPENDENT If Driver's three nominees are elected to the eleven-member Board, they will work to: Add Independent Perspectives to the Enhance Transparency Board Vv Vv Eliminate Cronyism Implement Best Practices in Corporate Governance Vv Vv Improve St
Slide 21: Driver's highly-qualified, independent nominees
DRIVER'S HIGHLY-QUALIFIED, INDEPENDENT NOMINEES Michael J. Driscoll, Ed.D ¥ Dr. Driscoll would bring extensive banking sector expertise, capital markets experience, regional familiarity and ties to the Board ¥ In addltion to his business background, he has a deep understanding of First United's mark
Slide 22: The time for change is now
THE TIME FOR CHANGE IS NOW VOTE ON THE WHITE PROXY CARD WWW.RENOVATEMYBANK.COM
Slide 23: Maryland.gov Mail - RE: MPIA request
sy2020 Maryland goy Mall- RE: [EXTERNAL] MPIA request ‘Teresa Louro -LABOR- <terese.louro@maryland.gov> Maryland RE: [EXTERNAL] MPIA request ‘ message Bulgin, Androw D, <abuigin@attaw.com> Tha ona, 201001 40 PH ‘To; Teresa Louo -DLLR- <eresalouro@maryind.gov> ce Michelle Dononcout -DLLR-<michele.den
Slide 24: November 7, 2019 letter from Commissioner
November 7, 2019 J. Abbott R. Cooper Driver Management Company LLC | 250 Park Ave 7" floor | ‘Now York, NY 10177 | Re: First United Corporation -share acquisition ‘writing to address acquisition of stock ofa bank hold ariored by the State of ‘Maryland, by Driver Management Company LI (h | ‘The acqui
Slide 25: November 7, 2019 letter from Commissioner
November 7, 2019 J. Abbott R. Cooper Driver Menagement Company LLC i 250 Park Ave 7" floor i New York, NY 10177 | Re: First United Corporation -share acquisition | Dear Mr. Cooper 7 ‘The Office of the Commissioner of Financial Ret (. the State of Maryland is urting to address acquisition of sock ofa
Slide 26: Re: draft Driver Management letter re First United
syvane0 Naryland gov Mail -Reséraft-Drvor Management err Ft Unites ‘Teresa Louro 4LABOR-<tereeaouro@maryland.gov> Maryland Re: draft -Driver Management letter re First United 1 message ico Denoncour-DLLR- <iele denoncout@maryard.go> FA Nav, 201901240 PM, ‘To: Tony Salazar -DLLR: <onysalezar@maryland
Slide 27: Re: draft Driver Management letter to First United
vtor2020 Marjtand gov Wail-Re; draft Driver Management leter o Fist Uniled ‘Ofies ofthe Commissioner of Financial Raguation Maryland Dapartment of Labor Fi 500, Calvert Sweet, Sute 402 » Baltimore, MO. sarge michelle denoncourt nd.gov Maryland | Siozatstov ey ‘FoR THE BETTER 443-758-6344 (cell) 410-
Slide 28: Re: draft Driver Management letter to First United
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Slide 29: Due process and legislative history
oe Errek UneABE 4 Tash Ow Due Process: Sinoo stock is personal property, and voting power is a common sharcholder right, without hitting the 25% thteshol, ifthe Commissioner issues a letter to Driver stating the Driver's failure to apply tothe Commissioner prior to aoquiting the 5.08% of common shar
Slide 30: SUPERVISORY INFORMATION - First United
‘yarz020 Marfard/.gov Nall - CONFIDENTIAL SUPERVISORY INFORMATION - Fst Untied . ‘Teresa Loura -LABOR- teresa touro@maryland gov> Maryland CONFIDENTIAL SUPERVISORY INFORMATION - First United ‘message Bulgin, Andrew D. <abugin@agtancon> on 0es0, 2010250 PH/ sa ony Salzer (nyelaznemaryian gov) <tnysal
Slide 31: RE: Re: SUPERVISORY INFORMATION
‘912020 Maryiand gov Mall- RE: EXTERNAL} Re: CONFIDENTIAL SUPERVISORY INFORMATION . Teresa Louro LABOR- <erosalouro@maryland.gov> Maryland RE: [EXTERNAL] Re: CONFIDENTIAL SUPERVISORY INFORMATION ‘message Bulgin, Andrew. <abulghi@gtow.con> Fi Deets, 219 0450-7 To: Terosa Loure-DLLR- <torsa louro@mary
Slide 32: RE: Re: SUPERVISORY INFORMATION
averz020 Maryand.gov Mall-RE: [EXTERNAL] Re: CONFIDENTIAL SUPERVISORY INFORMATION 7 ‘Torasa Louro LABOR: <teresa.Jouro@maryland.gov> Maryland RE: [EXTERNAL] Re: CONFIDENTIAL SUPERVISORY INFORMATION A massage Bulgin, Andrew D <abugintavicom> “we, Deo 17,2019 8808PM 7 “To: Tony Salazar -DLLR-<oryslaza
Slide 33: Fw: contact information
42872020 ‘Marylnd,gov Mall- Fw: (EXTERNAL| contac information 410-230-8390 (office) 443-904-7045 (cell) Website | Facebook | Twitter Click here to complete a three question customer experience survey. Confidentiality Notice: The information contained inthis communication (including any attachments)
Slide 34: Fwd: Re: First United
sis1/2020 Maryland.gov Mail - Fwd: [EXTERNAL] Re: First United . Rebbie |. Frazier -LABOR- <rebbie.frazier@maryland.gov> Maryland Fwd: [EXTERNAL] Re: First United Jedd Bellman LABOR- <jedd,beliman@maryland.gov> Mon, May 11, 2020 at 11:22 AM To: "Rebbie |, Frazier -LABOR-' <rebbiefrazier@maryland.gov
Slide 35: Driver Management email
sivor2020 Maryland Mayland gov Wall- Driver Management Driver Management 1 nesage Bulgin, Andrew D. <abulgingltaw.com> Fl, Nov, 2019 at 7:09 PM. per ate A Denencout nicheledenencout@manyfand.goi) <richate denoncout@maryend.gov>, "Teresa Lou (al teresa luro@maryand.gov>, Sandy Small-DLLR- <sandra sak
Slide 36: RE: Driver Press Release
yez020 Maryland gov Mail - RE: Dvr Press Release “Teresa Louro -LABOR-<teresalouro@maryland.gov> Maryland RE: Driver Press Release ‘message Buigls, Andrew D <abuln@giaw.con> Te.notoaoaeaten To: Tony Salazar Vonyssiazar@maryand gov" <tnysslazar€maryiand.goo, "Teresa Low (o-mal' eres louro@maryand.gow
Slide 37: Email: Response from John McCullough - Lead Director
Bulgin, Andrew. From: Tonya Sturm <tsturm@mybank.com> Sent: Friday, November 1, 2019 1:35 PM To: Carissa Rodeheaver; Bulgin, Andrew D,; Karen Malecki Subject: {EXTERNAL) FW: Response from John McCullough - Lead Director Sent with BlackBerry Work (www.blackberry.com) From: Abbott Cooper <ac(@drivermg
Slide 38: Re: First United Meeting 2-19-2020
sytt/2020 Maryland.gov Mail - Re: First United Meeting 219.2020 ‘ANDREW BULGIN, MEMBER 233 E. REDWOOD STREET, BALTIMORE, MD 21202 DIRECT DIAL: 4105764280 MOBILE: 443-857-1133 FAX: 4105764196 EMAIL: abulgin@gftlaw.com RESUME: http:/Mwww.gftlaw.com/andrew_bulgin/ ON THE WEB AT: WWW.GFRLAW.COM GORDON:
Slide 39: Email: Message for John McCullough
Bulgin, Andrew. From: Tonya Sturm <tsturm@mybank.com> Sent: Monday, November 4, 2019 8:29 AM To: Carissa Rodeheaver; Bulgin, Andrew D; ‘Duncan Herrington’; Sanjay Patel; Gadson, Patrick; Michael A. Verrechia; ‘Brian Schaffer’ lbaum, Lawrence; Karen Malecki Subject: [EXTERNAL] FW: Message for John Mc
Slide 40: Driver letter to John McCullough, November 6, 2019
Driver Management Company LLC Novesnber6,2019 Mr John McCullough 4 Lead Director NTS fo Ms. Tonya Sturm DE secretary CONE Fist United Corporation 419South Second Street 7 Oakland, MD 21150 Via emall ‘Mr, McCullough, ‘As we have noted publ, First United isa poster hid for bad corporate governance pra
Slide 41: Driver letter on board governance (continued)
<ONFIDENSS consequences. Its therefore ently inappropriate thatthe Board continues to permit the CEO to tke the lead vith third partis in discussions that involv te question of whether to remain as standalone or pursue 2 value maximizing transaction, ‘According to Calpers governance principles, “The
Slide 42: Questions on Ms. Rodeheaver's outside roles
—epipEN ‘American Bankers Assocation (“ABA”) ‘© How much time will Ms, fodeheaver dedicate to her role as a member ofthe ABA board? * How many ABA functions wil Ms. Rodeheaver attend this year? ‘Does Fist United pay for Ms, Rodeheaver’s travel and other expenses related to ABA events? = How many of
Slide 43: RE: Re: SUPERVISORY INFORMATION - First United
sysor2020 Maryland. gov Mal - RE: [EXTERNAL] Re: CONFIDENTIAL SUPERVISORY INFORMATION - First United 1 7 ‘oresa Louro LABOR: <eresolouro@maryland gov Maryland RE: [EXTERNAL] Re: CONFIDENTIAL SUPERVISORY INFORMATION - First United f mesge Bulgin, Andrew, <ebugh@giiow com> Wi, Nov, 2049 at 27 Pee” ‘To
Slide 44: Re: SUPERVISORY INFORMATION: Driver Podcast
svoran20 ‘Maryland.gov Mall - Re: CONFIDENTIAL SUPERVISORY INFORMATION: Driver Podcast ‘Teresa Louro -LABOR- <leresa.louro@maryland.gov> : Marylat Re: CONFIDENTIAL SUPERVISORY INFORMATION: Driver Podcast 4 messoge IMicholle Denoncourt-DLLR- <michetedenoncout@manfand.gov> ‘Wed, Nov27, 2010 31936 AM,
Slide 45: FW: Legal Interpretation
iara0z0 Maryan gov Mall - FW: Legal Interpretation Hy ‘Teresa Louro -LABOR: <orosalouro@meryland.gov> Maryland FW; Legal Interpretation ‘message Bulgin, Andrew D, <abulgn@gan.cor> ‘Thu, dan8, 2020 1:02 AM ‘To: "Teresa Louro (o mal)’ <eresa owo@maryiand ove Co:"Mikhele A, Denoncourt (richelledenoncou
Slide 46: FW: Legal Interpretation (continued)
ye2020 Maryland gov Mail -FV: Legal Ielrpetaton violation relates to the business or ownership of an excluded person is irrelevant. What is relevant is the identity of the person against whom the ‘action is fo be brought. Moreover, please note that the list of excluded persons does not Include a ban
Slide 47: Meeting re: First United Bank and Trust
Meeting re: First United Bank and Trust On Wed, Jan 15, 2020 at 5:42 PM Keffer Mitchell -GOV- <keiffer.mitchell@maryland.gov> wrote: Victoria, Thank you. I can be there on the 22nd at 9am. I am cc'ing Secretary Robinson and Ali Keane in our office to see if they can attend at that date and time. The
Slide 48: Fwd: First United
sugr020 Marjlandgov Mal -Fud: Fist United BE maryland MO Labor Website | Facebook | Twitter Pennines or oR Click here to complete a three question customer experience survey Confidentiality Notice. The information contained inthis communication (including any attachments) (a) is or may be legally pr
Slide 49: Fwd: First United
972020 ‘Maryland.gov Mail - Fwd: First United contributed to DOP in exchange for partnership interests on August 1, 2019, We assume that these shares are those on which Driver relied to conduct its “withhold campaign” at First United’s 2019 annual meeting of stockholders (in which it first publily d
Slide 50: Email from Andrew Bulgin, December 13, 2019
Mosite: 443857-1133 FAX. 4105764196 EnAlL: ABULGIN@GERLAW,COM RESUME: HITTP:/ /WWW.GFRLAW.COM/ ANDREW. BULGIN/ ONTHE WEB AT: WWW.GFRLAW.COM GORDON: FEINBLATT:. ATTORNEYS AT LAW From: Bulgin, Andrew D. <abulgin@gfrlaw.com> Sent: Friday, December 13, 2019 4:58 PM To: Teresa Louro DLLR- <teresa louro@m
Slide 51: RE: SUPERVISORY INFORMATION - First United
ayoro20 Nanyiand.gov Mal -RE: CONFIDENTIAL SUPERVISORY INFORMATION - Fist Usted ‘Tereea Louro LABOR. <toresa oura@maryland.gov> Maryland RE: CONFIDENTIAL SUPERVISORY INFORMATION - First United message Bulgin, Andrew D. <abulgin@glaw.con> Mon Nov 4 2018 10:50 A, “To: Michelle Denoncout-DLLR- «michell
Slide 52: Recommended Actions
Gistlhilel BE 4 That | (\W Recommended Actions: \Y NN 1 Contact FRB legal «Pennsylvania transaction «Violation versus application mi) 2. Revise letter (after discussion with FRB legal) _ wy «State Maryland law . os © Facts and circumstances 1 ‘© No need fo state vote prohibition (Liming of annual me