First · NASDAQ:FUNC

First — First United — Proxy Contest (May 2020)

95 slides from First's proxy contest presentation, May 12, 2020

1. Slide 1: The Case for Change at First United

   The Case for Change at First United

2. Slide 2: Disclaimer

   DISCLAIMER This presentation and any of the information contained herein (this “Presentation”) is for general informational purposes only and is not complete. Under no circumstances is this Presentation intended to be, nor should it be construed as advice or a recommendation to enter into or conclud

3. Slide 3: Table of Contents

   TABLE OF CONTENTS Executive Summary The Case for Change Driver’s Independent Slate Time for Meaningful Change Nominee Biographies Appendix DRIVER MANAGEMENT COMPANY LLC 3

4. Slide 4: Executive Summary

   EXECUTIVE SUMMARY

5. Slide 5: About Driver Management Company

   ABOUT DRIVER MANAGEMENT COMPANY ▪ ▪ ▪ ▪

6. Slide 6: First United's Record of Value Creation This Century Significantly Lags Peers

   FIRST UNITED’S RECORD OF VALUE CREATION THIS CENTURY SIGNIFICANTLY LAGS PEERS 250 200 150 100 50 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 First United Proxy Peers Geographic Peers

7. Slide 7: First United Today: Industry-Worst Corporate Governance

   FIRST UNITED TODAY: INDUSTRY-WORST CORPORATE GOVERNANCE

8. Slide 8: First United Today: Hiding Behind Maryland Law

   FIRST UNITED TODAY: HIDING BEHIND MARYLAND LAW

9. Slide 9: Driver Has Nominated Highly-Qualified, Independent Candidates

   DRIVER HAS NOMINATED HIGHLY-QUALIFIED, INDEPENDENT CANDIDATES

10. Slide 10: The Case for Change

    THE CASE FOR CHANGE

11. Slide 11: First United Corporation (NASDAQ: FUNC)

    FIRST UNITED CORPORATION (NASDAQ: FUNC) MARKET CAP: $ 104MM / P/TBV: 0.97x / HQ: OAKLAND, MD ($ 000s) 2016 2017 2018 2019 2020 YTD Total Assets 1,317,675 1,335,867 1,383,760 1,442,027 1,461,482 Total Gross Loans 891,588 892,089 1,007,150 1,051,431 1,053,732 Total Deposits 1,014,229 1,039,390 1,067,5

12. Slide 12: How Did We Get Here

    HOW DID WE GET HERE ▪ ▪ ▪ ▪ ▪ 26 25 24 23 22 21 20 19 18 17 16 15 14 13 12 11

13. Slide 13: First United's Peer Groups

    FIRST UNITED’S PEER GROUPS Driver utilized three separate peer groups: Peer group utilized by First United for Driver assumes that First United considers compensation purposes in its 2020 these companies to be comparable to Proxy Statement First United Selected publicly traded banks with Driver cons

14. Slide 14: First United Has Never Been a High Performing Bank

    FIRST UNITED HAS NEVER BEEN A HIGH PERFORMING BANK https://www.sec.gov/Archives/edgar/data/763907/000114420406016700/v041191_ex99-1.htm

15. Slide 15: A Record of Poor Value Creation

    A RECORD OF POOR VALUE CREATION ▪ ▪ ▪ 250 200 150 100 50 First United Proxy Peers Geographic Peers

16. Slide 16: Staggering Price to Tangible Book Value Discount

    STAGGERING PRICE TO TANGIBLE BOOK VALUE DISCOUNT 330.00 280.00 230.00 180.00 130.00 80.00 30.00 First United SNL Bank Index Proxy Peers Geographic Peers Theoretical Liqudation Value

17. Slide 17: First United Underperforms Peers Across Three Key Ratios

    FIRST UNITED UNDERPERFORMS PEERS ACROSS THREE KEY RATIOS 1.50 5.00 1.00 4.00 0.50 3.00 2.00 0.00 1.00 -0.50 0.00 First United Proxy Peers Geographic Peers SNL Index First United Proxy Peers Geographic Peers SNL Index 80.00 75.00 70.00 65.00 60.00 55.00 50.00 First United Proxy Peers Geographic Peers

18. Slide 18: Long-Term Financial Underperformance

    LONG-TERM FINANCIAL UNDERPERFORMANCE 150.00 100.00 50.00 0.00 (50.00) (100.00) First United: -0.48 % SNL U.S. Bank $1B-$5B: 49.26 % Proxy Peers: 105.55 % Geographic Peers: 73.28 %

19. Slide 19: Deconstructing TSR

    DECONSTRUCTING TSR (%) 290.00 240.00 190.00 140.00 90.00 40.00 (10.00)

20. Slide 20: What Was the Impact of Traders Pushing First United Into the Russell 2000 in 2018?

    WHAT WAS THE IMPACT OF TRADERS PUSHING FIRST UNITED INTO THE RUSSELL 2000 IN 2018? https://www.wsj.com/articles/why-39-billion-of-stocks-traded-in-one-second-on-friday-1529845203

21. Slide 21: First United Is Cheap Relative to Peers

    FIRST UNITED IS CHEAP RELATIVE TO PEERS 250.00 200.00 150.00 100.00 50.00 0.00 First United Proxy Peers Geographic Peers SNL Index Theoretical Liquidation Value

22. Slide 22: Regardless of TSR, Fundamental Performance Meaningfully Lags Peers'

    REGARDLESS OF TSR, FIRST UNITED’S FUNDAMENTAL PERFORMANCE MEANINGFULLY LAGS PEERS’ 1.15 0.95 0.75 0.55 0.35 2015 2016 2017 2018 2019 First United Geographic Peers Proxy Peers SNL Index 3 80.00 2.5 75.00 2 70.00 1.5 65.00 60.00 1 55.00 0.5 50.00 0 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 Fir

23. Slide 23: First United's Over-Tenured Legacy Directors

    FIRST UNITED’S OVER-TENURED LEGACY DIRECTORS

24. Slide 24: Prior to the 2007-2009 Financial Crisis, First United Embraced High-Risk Strategies

    PRIOR TO THE 2007-2009 FINANCIAL CRISIS, FIRST UNITED EMBRACED HIGH-RISK STRATEGIES “ “ First United 2008 Annual Meeting Presentation

25. Slide 25: Prior to the 2007-2009 Financial Crisis, First United Embraced High-Risk Strategies

    PRIOR TO THE 2007-2009 FINANCIAL CRISIS, FIRST UNITED EMBRACED HIGH-RISK STRATEGIES ▪ ▪ ▪

26. Slide 26: The Reality of the Financial Crisis for First United

    THE REALITY OF THE FINANCIAL CRISIS FOR FIRST UNITED https://www.sec.gov/Archives/edgar/data/763907/000114420409026235/v149135_ex99-2.htm https://www.sec.gov/Archives/edgar/data/763907/000114420411028333/v222085_ex99-1.htm

27. Slide 27: Legacy Directors Failed Shareholders During the 2007-2009 Financial Crisis

    FIRST UNITED’S LEGACY DIRECTORS FAILED SHAREHOLDERS DURING THE 2007-2009 FINANCIAL CRISIS 2009 2010

28. Slide 28: Shareholders' Lost Decade Plus Under Legacy Directors

    SHAREHOLDERS’ LOST DECADE PLUS UNDER LEGACY DIRECTORS

29. Slide 29: Shareholders' Lost Decade Plus Under Legacy Directors

    SHAREHOLDERS’ LOST DECADE PLUS UNDER LEGACY DIRECTORS $16.00 $15.00 $14.00 $13.00 $12.00 $11.00 $10.00 $9.00 $8.00 $7.00 $6.00 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018

30. Slide 30: Suspension of Dividend for 29 Consecutive Quarters

    SUSPENSION OF DIVIDEND FOR 29 CONSECUTIVE QUARTERS ▪ ▪ ▪ https://www.sec.gov/Archives/edgar/data/763907/000110465920001175/tm201253d1_ex99-1.htm ; https://www.sec.gov/Archives/edgar/data/763907/000121390010004880/f8k111510_firstunited.htm

31. Slide 31: Lessons Not Learned: Construction and Development Lending Concentrations

    LESSONS NOT LEARNED: CONSTRUCTION AND DEVELOPMENT LENDING CONCENTRATIONS

32. Slide 32: Lessons Not Learned: Construction and Development Lending Concentrations

    LESSONS NOT LEARNED: CONSTRUCTION AND DEVELOPMENT LENDING CONCENTRATIONS 25.00 20.00 15.00 10.00 5.00 0.00 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 First United--C&D Loans/Loans Proxy Peers-C&D Loans/Loans Geographic Peers--C&D Loans/Loans 150.00% 10

33. Slide 33: Construction and Development Loans Concentrated in Tourism and Vacation Home Markets

    CONSTRUCTION AND DEVELOPMENT LOANS ARE CONCENTRATED IN MARKETS DRIVEN BY TOURISM AND VACATION HOMES

34. Slide 34: An "Independent" First United Heavily Depends on Shrinking Markets

    AN “INDEPENDENT” FIRST UNITED HEAVILY DEPENDS ON SHRINKING MARKETS ▪ ▪ ▪

35. Slide 35: First United Prioritized a Vanity Project to Renovate Bank Branches

    FIRST UNITED PRIORITIZED A VANITY PROJECT TO RENOVATE BANK BRANCHES ▪ ▪ ▪ ▪ ▪ ▪

36. Slide 36: First United Has Enshrined Problematic Corporate Governance Practices

    FIRST UNITED HAS ENSHRINED PROBLEMATIC CORPORATE GOVERNANCE PRACTICES ➢ ➢ ➢ ➢ ➢ ➢ ➢ ➢ ➢ ➢ ➢ ➢ ➢

37. Slide 37: Failures of Structure: Restrictive Policies

    FAILURES OF STRUCTURE: RESTRICTIVE POLICIES ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪

38. Slide 38: Failures of Motivation: Hiding Behind Maryland State Law

    FAILURES OF MOTIVATION: HIDING BEHIND MARYLAND STATE LAW ▪ ▪ ▪ ▪ ▪ ▪

39. Slide 39: No Accountability With Combined CEO and Chairman Role

    NO ACCOUNTABILITY WITH COMBINED CEO AND CHAIRMAIN ROLE ▪ ▪ ▪ https://www.sec.gov/Archives/edgar/data/763907/000114420408014719/v106556_ex3-2i.htm

40. Slide 40: First United Actively Limits Shareholders' Rights

    FIRST UNITED ACTIVELY LIMITS SHAREHOLDERS’ RIGHTS

41. Slide 41: Failures of Motivation: Excessive Tenure Prevails on the Board

    FAILURES OF MOTIVATION: EXCESSIVE TENURE PREVAILS ON THE BOARD ▪ ▪ ▪ 0 20 40 60 80 100 120 140 160 180 2020 2018 2016 2014 2012 2010 2008 2006 2004 2002 2000 1998 1996 1994 1992 1990 Kurtz Rudy McDonald McCullough Ruddell Burkey Walls Rodeheaver Barr Boal Shocley

42. Slide 42: Failures of Motivation: An Interconnected Board

    FAILURES OF MOTIVATION: AN INTERCONNECTED BOARD ▪ ▪ ▪ ▪ ▪ ▪ ▪

43. Slide 43: Failures of Alignment: Ms. Rodeheaver Compensation

    FAILURES OF ALIGNMENT: MS. RODEHEAVER COMPENSATION ▪ ▪ ▪ $450,000 50,000 $400,000 45,000 $350,000 40,000 35,000 $300,000 30,000 $250,000 25,000 $200,000 20,000 $150,000 15,000 $100,000 10,000 $50,000 5,000 $0 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Total Compensation

44. Slide 44: Failures of Alignment: Ms. Rodeheaver Is Preoccupied

    FAILURES OF ALIGNMENT: MS. RODEHEAVER IS PREOCCUPIED ▪ ▪ ▪ ▪ ▪

45. Slide 45: Failures of Alignment: Andrew Walls and MP&B

    FAILURES OF ALIGNMENT: ANDREW WALLS AND MP&B ▪ ▪ ▪ $6,000,000 $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 $0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Aggregate Director Compensation Aggregate Fees Paid to MP&B Value of Share Ownership on Date of Following Year

46. Slide 46: Failures of Alignment: Remaining Directors

    FAILURES OF ALIGNMENT: REMAINING DIRECTORS $900,000 35 $800,000 30 $700,000 25 $600,000 $500,000 20 $400,000 15 $300,000 10 $200,000 5 $100,000 $0 0 Aggregate Director Compensation Received Since 2000 Value of Common Stock Beneficially Owned as of 3/27/20 Years On First United Board

47. Slide 47: Failures of Alignment: Compensation and Equity Ownership

    FAILURES OF ALIGNMENT: COMPENSATION AND EQUITY OWNERSHIP ▪ ▪ 10,000 100.00% 9,000 90.00% 8,000 80.00% 7,000 70.00% 6,000 60.00% ▪ 5,000 50.00% 4,000 40.00% 3,000 30.00% 2,000 20.00% 1,000 10.00% 0 0.00% 2018 2019 Shares Owned ▪ Shares Pledged Percentage of Shares Owned Pleged ▪

48. Slide 48: Failures of Alignment: No Stock Ownership Guidelines

    FAILURES OF ALIGNMENT: NO STOCK OWNERSHIP GUIDELINES ▪ ▪

49. Slide 49: Failures of Intent: 2010 Board Declassification Proposal

    FAILURES OF INTENT: 2010 BOARD DECLASSIFICATION PROPOSAL ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪

50. Slide 50: Failures of Intent: No Audit Committee Oversight

    FAILURES OF INTENT: NO AUDIT COMMITTEE OVERSIGHT ▪ ▪ ▪ ▪ ▪ https://www.sec.gov/Archives/edgar/data/763907/000114420416086953/v429417_10k.htm

51. Slide 51: Failures of Intent to Protect Shareholders

    FAILURES OF INTENT TO PROTECT SHAREHOLDERS

52. Slide 52: Questionable Formulas for CEO and Director Compensation

    QUESTIONABLE FORMULAS FOR CEO AND DIRECTOR COMPENSATION ▪ ▪ ▪ ▪ ▪

53. Slide 53: The Incumbent Board Repeatedly Ignores Shareholder Feedback

    THE INCUMBENT BOARD REPEATEDLY IGNORES SHAREHOLDER FEEDBACK ▪ ▪ ▪ ▪

54. Slide 54: Incumbent Board Rejected Shareholder Feedback, Committing to Standalone Strategy

    THE INCUMBENT BOARD REJECTED SHAREHOLDER FEEDBACK, COMMITING TO STANDALONE STRATEGY ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ https://www.prnewswire.com/news-releases/first-uniteds-board-of-directors-concludes-latest-strategic-review-and-confirms-strategy-301002386.html; https://www.businesswire.com/news/home/20200211006

55. Slide 55: Additional Disconcerting and Fundamental Flaws in Governance Practices

    ADDITIONAL DISCONCERTING AND FUNDAMENTAL FLAWS IN FIRST UNITED’S GOVERNANCE PRACTICES ▪ ▪ ▪ ▪ ▪

56. Slide 56: Shareholder Outrage for First United's "Strategic Review"

    SHAREHOLDER OUTRAGE FOR FIRST UNITED’S “STRATEGIC REVIEW”

57. Slide 57: First United Must Earn Its Right to Stay Independent

    FIRST UNITED MUST EARN ITS RIGHT TO STAY INDEPENDENT ▪ ▪ ▪ “ “ “ “ “ “

58. Slide 58: This Is Board Refreshment?

    THIS IS BOARD REFRESHMENT? 2025 35 30 2018 25 2011 20 2004 15 10 1997 5 1990 0 Years Served Year Joined

59. Slide 59: Driver's Independent Slate

    DRIVER’S INDEPENDENT SLATE

60. Slide 60: Driver's Highly-Qualified, Independent Nominees

    DRIVER’S HIGHLY-QUALIFIED, INDEPENDENT NOMINEES ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓

61. Slide 61: Q&A: Driver Nominee, Michael J. Driscoll, Ed.D

    Q&A: DRIVER NOMINEE, MICHAEL J. DRISCOLL, ED.D

62. Slide 62: Q&A: Driver Nominee, Michael J. Driscoll, Ed.D

    Q&A: DRIVER NOMINEE, MICHAEL J. DRISCOLL, ED.D

63. Slide 63: Q&A: Driver Nominee, Ethan C. Elzen

    Q&A: DRIVER NOMINEE, ETHAN C. ELZEN

64. Slide 64: Q&A: Driver Nominee, Ethan C. Elzen

    Q&A: DRIVER NOMINEE, ETHAN C. ELZEN

65. Slide 65: Q&A: Driver Nominee, Lisa Narrell-Mead

    Q&A: DRIVER NOMINEE, LISA NARRELL-MEAD

66. Slide 66: Q&A: Driver Nominee, Lisa Narrell-Mead

    Q&A: DRIVER NOMINEE, LISA NARRELL-MEAD

67. Slide 67: Time for Meaningful Change

    TIME FOR MEANINGFUL CHANGE

68. Slide 68: Conclusion: It's Time for Meaningful Change

    CONCLUSION: IT’S TIME FOR MEANINGFUL CHANGE ▪ ▪ ▪ ▪

69. Slide 69: Nominee Biographies

    NOMINEE BIOGRAPHIES

70. Slide 70: Michael J. Driscoll, Ed.D

    MICHAEL J. DRISCOLL, ED.D Michael J. Driscoll, Ed.D Michael J. Driscoll, Ed.D, age 59, has been the Dean of The Richard J. Bolte, Sr. School of Business, Mount St. Mary's University, since July 2018. He was previously Clinical Professor and Senior Executive in Residence at the Robert B. Willumstad S

71. Slide 71: Ethan C. Elzen

    HAN C. ELZEN Ethan C. Elzen Ethan C. Elzen, age 40, is the Chief Financial Officer of Xome Inc., and previously served as the President of Colorado Federal Savings Bank from June 2014 to May 2020 and was previously its Chief Financial Officer from 2013 to May 2014. Mr. Elzen has also served as a sen

72. Slide 72: Lisa Narrell-Mead

    LISA NARRELL-MEAD Lisa Narrell-Mead Lisa Narrell-Mead, age 55, has been the Chief Executive Officer of Workplace Advisors LLC, a provider of strategic advice and execution resources for regional and community banks, since 2013 and has overseen Workplace Advisors’ 2019 acquisition of Everett Advisory

73. Slide 73: Appendix

    APPENDIX

74. Slide 74: First United's Peer Groups

    FIRST UNITED’S PEER GROUPS Proxy Peers City, State Ticker Market Cap ($m) Total Assets ($m) Loans/Deposits (%) NPAs/Assets (%) LLR/Loans (%) ROAA (%) ROATCE (%) NIM (%) Efficiency Ratio (%) TCE/TA (%) Price/LTM EPS(x) Price/TBV (%) AmeriServ Financial, Inc. Johnstown, PA ASRV 49.6 1,171,184 91.90 0.

75. Slide 75: Performance Evaluation – Choice of Metrics

    PERFORMANCE EVALUATION – CHOICE OF METIRCS ▪ ▪ ▪ ▪ ▪ ▪ ▪ 10.50 9.50 8.50 7.50 6.50 5.50 4.50 3.50 2.50 First United Proxy Peers Geographic Peers

76. Slide 76: Performance Evaluation – Choice of Metrics

    PERFORMANCE EVALUATION – CHOICE OF METIRCS ▪ ▪ ▪ ▪ ▪

77. Slide 77: First United Created Their Own Version of "Fair Value"

    RATHER THAN ACCEPT THE MARKET’S HARSH VIEW OF FIRST UNITED’S “FAIR VALUE”, FIRST UNITED CREATED THEIR OWN VERSION OF “FAIR VALUE” ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪

78. Slide 78: First United Performance: The Lost Decade

    FIRST UNITED PERFORMANCE: THE LOST DECADE ▪ ▪ ▪ ▪ ▪

79. Slide 79: First United Performance: The Lost Decade

    FIRST UNITED PERFORMANCE: THE LOST DECADE 120.00 100.00 80.00 60.00 40.00 20.00 0.00 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 First United Proxy Peers Geographic Peers ▪ ▪ 1,200,000 1,000,000 800,000 600,000 400,000 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 First

80. Slide 80: First United Performance: The Lost Decade

    FIRST UNITED PERFORMANCE: THE LOST DECADE ▪

81. Slide 81: First United's Strategy: Kicking the Can Down the Road

    FIRST UNITED’S STRATEGY: KICKING THE CAN DOWN THE ROAD

82. Slide 82: Suspension of Dividend for 29 Consecutive Quarters

    SUSPENSION OF DIVIDEND FOR 29 CONSECUTIVE QUARTERS

83. Slide 83: Suspension of Dividend for 29 Consecutive Quarters

    SUSPENSION OF DIVIDEND FOR 29 CONSECUTIVE QUARTERS

84. Slide 84: Suspension of Dividend for 29 Consecutive Quarters

    SUSPENSION OF DIVIDEND FOR 29 CONSECUTIVE QUARTERS

85. Slide 85: First United: Market Analysis

    FIRST UNITED: MARKET ANALYSIS

86. Slide 86: First United's Core Markets: Maryland

    FIRST UNITED’S CORE MARKETS: MARYLAND ▪ ▪ ▪ ▪ ▪ ▪ ▪ 8.00 90.00 7.00 80.00 6.00 5.00 70.00 4.00 60.00 3.00 2.00 50.00 1.00 40.00 0.00

87. Slide 87: First United's Core Markets: West Virginia

    FIRST UNITED’S CORE MARKETS: WEST VIRGINIA ▪ ▪ ▪ ▪ ▪ ▪ 16.00 7.00 14.00 6.00 12.00 5.00 10.00 4.00 8.00 3.00 6.00 4.00 2.00 2.00 1.00 0.00 0.00

88. Slide 88: First United's Core Markets: Competitor Analysis

    FIRST UNITED’S CORE MARKETS: COMPETITOR ANALYSIS

89. Slide 89: A Closer Look

    A CLOSER LOOK No, any beneficial shareholder has a right to obtain a shareholder list-—respecting the federal policy of share immobilization and the realities of modern securities markets, shareholders do not have to transfer shares from brokerage or custody accounts to the corporation’s transfer ag

90. Slide 90: Failures of Motivation: Hiding Behind Maryland State Law

    FAILURES OF MOTIVATION: HIDING BEHIND MARYLAND STATE LAW ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪

91. Slide 91: Q&A for Shareholders Regarding Maryland Investigation

    Q&A FOR SHAREHOLDERS REGARDING MARYLAND INVESTIGATION

92. Slide 92: Q&A for Shareholders Regarding Maryland Investigation

    Q&A FOR SHAREHOLDERS REGARDING MARYLAND INVESTIGATION ▪ ▪

93. Slide 93: Q&A for Shareholders Regarding Maryland Investigation

    Q&A FOR SHAREHOLDERS REGARDING MARYLAND INVESTIGATION • • •

94. Slide 94: Q&A for Shareholders Regarding Maryland Investigation

    Q&A FOR SHAREHOLDERS REGARDING MARYLAND INVESTIGATION

95. Slide 95: Q&A for Shareholders Regarding Maryland Investigation

    Q&A FOR SHAREHOLDERS REGARDING MARYLAND INVESTIGATION

First United — Proxy Contest (May 2020) on 6ix