Document:

Document

Exhibit 10.15

March 8, 2019

Mr. James L. Herman
2525 West End Avenue, Suite 950
Nashville, TN  37203

Re: Employment of James L. Herman as Senior Vice President, National Accounts and Chief Compliance Officer by Cumberland Pharmaceuticals Inc.

Dear Jim:

Effective January 1, 2019, this letter agreement (the “Agreement”) will evidence the terms and conditions under which you will be employed by Cumberland Pharmaceuticals Inc. (the “Company”) In consideration of your appointment as Senior Vice President, National Accounts and Chief Compliance Officer of the Company, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:

1. Compensation.  The Company agrees to compensate you as follows:

(a) The Company agrees to pay you on a salary basis for services performed based on an annual rate of two hundred fifty thousand dollars ($250,000.00), payable in arrears in equal monthly installments on the 25th day of each calendar month of 2019.  For each year, thereafter, you will be paid on a salary basis for services performed based on an annual rate determined by the Company in its sole discretion; provided, however, that any obligation to make payments under this Section 1(a) will cease upon termination of your employment for any reason.  Notwithstanding the foregoing, nothing in this Section 1(a) alters or is intended to alter the at-will nature of your employment as described in Section 3 of this Agreement.  

(b) You will be eligible to participate in any Company-wide employee benefits as approved by the Board of Directors.  The terms of your eligibility and participation will be governed by the provisions of the employee benefit plans, as such plans may be amended from time to time in the discretion of the Company's Board of Directors.

(c) You may be eligible for any Company bonus program, based upon performance in meeting your individual objectives and the Company’s overall performance, both as determined and approved by the Board of Directors of the Company.  Any such bonus will be discretionary and will be subject to the terms of the applicable bonus program, the terms of which program may be modified from year to year in the sole discretion of the Company’s Board of Directors.

(d) You will receive a grant of Cumberland Pharmaceuticals common stock, pursuant to a restricted stock agreement (RSA).  Such shares will be subject to the RSA and the terms set forth in the incentive compensation plan under which they are awarded.  You may, at the Company’s sole discretion, receive additional awards of Company equity, which will be subject to their designated agreements and the incentive compensation plans under which they are awarded.

(e) Except as set forth in Section 2, the Company shall not be liable to you for any expense incurred by you unless you receive the Company's prior written consent to reimburse you for such expense.

2. Additional Payments. During the term hereof, you shall be entitled to receive prompt reimbursement for all reasonable and documented expenses incurred in the performance of services in accordance with the expense reimbursement policy of the Company.  Such reimbursement policy shall require adequate documentation by you of the expenses and payment by the Company of such amounts shall be made within a reasonable period after the close of the year in which the expenses were incurred.

3. Employment at Will.   This Agreement is not intended to and shall not be understood in any manner as affecting or modifying the at-will status of your employment with the Company.  As an at-will employee either you or the Company may terminate the employment relationship at any time with or without cause or notice.  The obligations of Sections 4, 5, 6, 7, 8, 10, 11 and 12 herein shall survive the termination of the employment relationship or of this Agreement.

 4. Confidentiality.  All knowledge and information, not already available to the public, which you acquire, have acquired, or will acquire in the course of your employment with the Company with respect to the Company’s business, work methods, or pending regulatory matters, or other Company matters that are treated by the Company as confidential, shall be regarded by you as trade secrets, whether or not they are classifiable legally as trade secrets, and shall be treated by you as strictly confidential.  Such knowledge and information shall not either directly or indirectly be used, disclosed, or made accessible to anyone by you for any purpose, except in the ordinary course of the Company’s business under circumstances in which you are authorized to use or disclose such information.  No disclosures of such confidential information shall be made outside of those you are authorized to make in the regular and ordinary course of your duties unless and until you receive prior written permission of the Board of Directors of the Company to make such disclosure.

 5. Discoveries and Improvements.  During the time that you are employed by the Company, all confidential information, trade secrets, or proprietary information and all other discoveries, inventions, software programs, processes, methods and improvements that are conceived, developed, or otherwise made by you , alone or with others, that relate in any way to the Company’s present or planned business or products (collectively the “Developments”), whether or not patentable or subject to copyright protection and whether or not reduced to tangible form or reduced to practice, shall be the sole property of the Company.  You agree to disclose all Developments promptly, fully and in writing to the Company.  You agree to keep and maintain adequate and current dated and witnessed written records of all such Developments, in the form of notes, sketches, drawings, or reports, which records shall  be promptly submitted to the Company and shall be and remain the property of the Company at all times.  You agree to assign, and hereby do assign, to, the Company all your right, title and interest throughout the world in and to all Developments.  You agree that all Developments shall constitute “Works for Hire” (as such are defined under the U.S. Copyright Laws) and hereby assign to the Company all copyrights, patents and other proprietary rights you may have in any Developments without any obligation on the part of the Company to pay royalties or any other consideration to you for such Developments.

 6. Publication.  All documents and other writings produced by you during the period of your employment, which relate to work you are doing or have done for the Company or to the business of the Company or its affiliates, shall belong to the Company.  You will not publish outside of the Company any such writing without the prior written consent of the Board of Directors of the Company.  You will, without further compensation, execute at any time (whether or not you are still employed by the Company) all documents requested of you relating to the protection of such rights, including the assignment of such rights to the Company.

7. Litigation.  You shall notify the Company within three business days if no longer employed and immediately if still employed by the Company if you are contacted by any person relating to any claim or litigation against the Company.  You shall not communicate in any manner with any person related to any claim or litigation against the Company without the prior consent of the Board of Directors of the Company unless compelled to do so by law.

8. Competition.   For so long as you are employed by the Company or any Affiliate (as defined below) and for a period of one year after you cease to be employed by the Company or any Affiliate, you shall not, directly or indirectly, engage in any work or other activity--whether as owner, stockholder, partner, officer, consultant, or otherwise--involving a trademark, product, or process that, in the opinion of the Company’s Chief Executive Officer, is  similar to a trademark, product or process on which you worked for the Company (or any Affiliate) or obtained knowledge about while working for the Company at any time during the period of employment, if such work or other activity is then, or reasonably expected to become, competitive with that of the Company (or any Affiliate).  The restriction in the preceding sentence shall not apply if you have disclosed to the Company in writing all the known facts relating to such work or activity and have received a release in writing from the Board of Directors of the Company allowing you to engage in such work or activity. The Company’s Chief Executive Officer shall have sole discretion to determine whether your work or activity for another employer involves trademarks, products, or processes that are similar to trademarks, products, or processes that you worked on for the Company. Ownership by you of five percent (5%) or less of the outstanding shares of stock of any company either (i) listed on a national securities exchange, or (ii) having at least one hundred (100) stockholders shall not make you a “stockholder” within the meaning of that term as used in this paragraph.  For one year after you cease to work for the Company, you will not engage in any work or activity that will cause you to inevitably disclose to anyone not employed by the Company (or an Affiliate) any trade secret or confidential information that belongs to the Company or one of its Affiliates.   Nothing in this paragraph shall limit the rights or remedies of the Company arising, directly or indirectly, from such competitive employment, including, without limitation, claims based upon breach of fiduciary duty, misappropriation, or theft of confidential information.  The term “Affiliate” shall mean the Company and any entity controlling, controlled by, or under common control with the Company.

9. Conflicting Contracts.  You represent and warrant that you are not now under any obligation resulting from any contract or arrangement, to any person, firm, or corporation, which is inconsistent or in conflict with this Agreement.  Likewise you represent and warrant that you are not now under any obligation resulting from any contract or arrangement to any person, firm, or corporation which would prevent, limit, or impair in any way the performance by you of your obligations to the Company.

10. Solicitation.  After you cease to be employed by the Company (or a Company affiliate): 

(a) You agree not to solicit, directly or indirectly, business related to the development or sales of pharmaceutical products from any entity, organization, or person which is contracted with the Company, which has been doing business with the Company or from which the Company was soliciting at the time of your termination, or a firm which you knew or had reason to know that the Company was going to

 solicit business at the time you ceased to be employed by the Company.  The restriction set forth in the preceding sentence shall not apply if you have disclosed to the Company in writing all the known facts relating to such solicitation and have received a release in writing from the Board of Directors of the Company to engage in such solicitation.  

(b) You agree not to solicit, recruit, hire, or assist in the hiring of any employee of the Company to work for you or another person, firm, corporation, or business.

11. Return of Documents.  Upon termination of your employment for any reason, you shall immediately return to the Company all documents and things belonging to the Company.  This includes, but is not limited to, trade secrets, confidential information, knowledge, data or know-how, and software containing such information, whether or not the documents are marked “Confidential.”

12. Remedies.  You acknowledge that in the event of breach of this Agreement by you, actual damages to the Company will be impossible to calculate, the Company’s remedies at law will be inadequate, and the Company will suffer irreparable harm.  Therefore, you agree that any of the covenants contained in this Agreement may be specifically enforced through injunctive relief, but such right to injunctive relief shall not preclude the Company from other remedies which may be available to it.  You further agree that should you fail to keep any of the promises made by you in this Agreement, or any way violate this Agreement, the Company shall be entitled to recover all monies the Company is required to spend, including attorneys’ fees, to enforce the provisions of this Agreement.

13. Best Efforts and Conflicts of Interest:  You are hired with the understanding that Cumberland is your sole employer and you will provide a full-time work effort. You agree to devote your entire professional and business-related time and best efforts t\o the services required of you by the express and implicit terms of this Agreement, to the reasonable satisfaction of Cumberland in its sole and complete discretion.  Engaging in activities outside of work that create a conflict of interest, or detract from your ability to perform your assigned responsibilities or meet your defined goals and objectives with Cumberland, is a problem and may lead to disciplinary action up to and including termination of employment.  If you believe that you are potentially involved in a situation that could create a conflict of interest and affect your ability to adequately perform your job with Cumberland, you should inform your direct supervisor and Cumberland’s Human Resources Department immediately.

14.  Standards of Business Conduct and Ethics.  Cumberland’s commitment to a culture of integrity, ethics and compliance with the law is comprised in this policy, which will be provided to you as part of the conditions of your employment. You will have the opportunity to read, discuss and understand this policy prior to accepting and signing its Letter of Agreement.
 
15. Debarment.  You represent and warrant that you have not been debarred and will notify the Company immediately if you are debarred, pursuant to subsection 306(a) or 306(b) of the Federal Food, Drug, and Cosmetic Act.

 16. Notice.  Any notice required or permitted to be given under this Agreement shall be sufficient if in writing and if sent by registered or certified mail to your residence or to the Company’s principal office in the case of the Company.

 17 Waiver.  The waiver by either party of any provision of this Agreement shall not operate or be construed as a waiver of any subsequent breach.  

 18. Entire Agreement.  This Agreement contains the entire agreement of the parties and may not be changed orally, but only by an agreement in writing signed by the party against whom enforcement of any waiver, change, modification, extension, or discharge is sought.

 19. Governance.  This Agreement shall be governed by the laws of the State of Tennessee.  Any dispute arising out of this Agreement shall be resolved, at the Company’s sole option, by courts sitting in Nashville, Tennessee, and you waive any objection to such venue.

 20. Enforceability.  In the event that any provision of this Agreement shall be held by a court to be unenforceable, such provision will be enforced to the maximum extent permissible, and the remaining portions of this Agreement shall remain in full force and effect.

21. Survival.  Notwithstanding any termination of your employment, this Agreement shall survive and remain in effect in accordance with its terms.

#   #   #   #

This letter agreement may be signed in one or more counterparts, each of which shall be an original and all of which will constitute one and the same instrument.

						
	Sincerely yours,	
		
	CUMBERLAND PHARMACEUTICALS INC.	
	/s/   A.J. Kazimi
	
		
	By:   A.J. Kazimi	
	Chief Executive Officer	

						
	Accepted as to all terms and conditions	
	as of the 8th of March, 2019:	
		
	 /s/ James L. Herman	
	James L. HermanExhibit 10.5

 

FIRST UNITED CORPORATION EXECUTIVE AND
DIRECTOR DEFERRED COMPENSATION PLAN

DEFINED CONTRIBUTION SERP AGREEMENT

(Previously known as the “SERP
Alternative Participation Agreement”)

 

THIS DEFINED CONTRIBUTION
SERP AGREEMENT (this “Agreement”) is entered into this ___ day of January, 2019 by and between First United Corporation
(“Employer”) and _________, an executive officer of the Employer (the “Participant”).

 

RECITALS:

 

WHEREAS, the Employer
has adopted the First United Corporation Executive and Director Deferred Compensation Plan, amended and restated effective as of
November 19, 2008 (the “Plan”), a copy of which is attached hereto as Exhibit A;

 

WHEREAS, on ____________,
in recognition of the fact that the Participant does not participate in the First United Bank & Trust Defined Benefit Supplemental
Executive Retirement Plan (the “SERP”), the Employer and the Participant entered into a SERP Alternative Participation
Agreement (the “Original Agreement”) pursuant to which, among other things, the Employer agreed to make monetary contributions
to the Participant’s Account (as defined therein) under certain circumstances;

 

WHEREAS, the Employer
believes that the name of the Original Agreement has caused, or is likely to cause, confusion with respect to the Employer’s
various compensatory plans and arrangements, including as between the SERP, the Plan and the Original Agreement; and

 

WHEREAS, the Employer
desires for the Original Agreement to remain in full force and effect in accordance with its terms but to make non-substantive
changes thereto; specifically, to change the name of the Original Agreement to: “Defined Contribution SERP Agreement”.

 

NOW, THEREFORE, in
consideration of the foregoing, and for other valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
the parties agree to amend and restate the Original 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)	“Award” means any decision of the Employer to award Employer Contribution Credits to
the Participant's Employer Contribution Credit Account for a particular Plan Year.

 

		(b)	“Cause” has the meaning given that term in Section 8(a) hereof.

 

		(c)	“Competitive Employment” means the Participant engages, directly or indirectly, as
an owner, partner, member, director, officer, employee or agent of any sole proprietorship or entity, in the business of providing
goods or services that are substantially similar to those provided by the Employer in any county in which the Employer has a branch.

 

		(d)	“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.

 

		(e)	“Employer” means First United Corporation and its successors and assigns unless otherwise
herein provided, or any other corporation or business organization which, with the consent of First United Corporation, or its
successors or assigns, assumes the Employer’s obligations hereunder, or any other corporation or business organization which
agrees, with the consent of First United Corporation, to become a party to the Plan.

 

		(f)	“Key Employee” means, for the 12-month period beginning on a particular April 1, a
Participant described in Section 416(i) of the Code (disregarding Section 416(i)(5) of the Code and using the definition of compensation
under T. Reg. §1.415(c)-2(d)(4)) at any time during the 12-month period ending on the preceding December 31.

 

     

     

    

 

		(g)	“Normal Retirement” means Participant’s Separation from Service with the Employer
for any reason other than Cause after such Participant has both (i) attained his or her Normal Retirement Age and (ii) commenced
receipt of benefits under the First United Bank & Trust Pension Plan or any successor plan thereto.

 

		(h)	“Normal Retirement Age” means sixty-five (65) years of age.

 

		(i)	“Profitable” means the Employer has positive pre-tax net income. All calculations related
to the determination of whether the Employer was Profitable for a particular period shall be determined as of the Relevant Valuation
Date.

 

		(j)	“Relevant Valuation Date” means the last day of the fiscal year immediately preceding
the year during which an Award is made.

 

		(k)	“Separation from Service” means a termination of the Participant’s employment
with the Employer in accordance with Section 409A(a)(2)(A)(i) of the Code and any related regulations or other guidance promulgated
with respect to Section 409A of the Code (and any successor section or regulations).

 

		(l)	“Triggering Event” means the occurrence of any one of the following events subsequent
to a Change of Control:

 

		(i)	Participant's receipt of a letter of intent to dismiss without Cause, as such term is defined in
Section 8(a) hereof ; or

 

		(ii)	termination of the Plan; or

 

		(iii)	relocation of Participant's employment to a location more than 50 miles from the Participant’s
place of employment at the time of the Change of Control; or

 

		(iv)	a 10% or greater reduction in Participant’s total compensation for the year in which the
Triggering Event occurs from the prior year’s total compensation, but disregarding any reduction in bonus or incentive compensation
payments which occurs in accordance with the terms of any written bonus or incentive compensation program as it reads before the
occurrence of a Change of Control; or

 

		(v)	a change to Participant’s position that results in Participant not being deemed an executive
officer of Employer.

 

		(m)	“Year of Service” means each twelve (12) consecutive month period of full time employment
with the Employer. No credit will be received for a partial Year of Service.

 

2.   
       Effective Date of Participation. The effective date of the
Participant’s participation in the Plan shall be ___________, ____.

 

3.  
       Contributions and Credits to Participant’s Account. The
Participant’s Account shall be credited with any Participation Compensation Deferrals made pursuant to Section
3(b) of this Agreement. With respect to any year during which it has been determined that the Employer has been
Profitable, the Employer may award to such Participant the Employer Contribution Credits provided in Section 3(a) of this
Agreement. The Participant’s Account also may be credited with any deemed income, gains, and losses awarded pursuant to
Section 4 of this Agreement.

 

    2

     

    

 

		(a)	Employer Contribution Credits.

 

		(i)	Pursuant to the Plan (including Section 3.1 thereof), the amount of any Employer's Contribution
Credits awarded to the Participant for a particular Plan Year will be equal to 15% of the Participant’s base salary for such
Plan Year. The Participant will receive notice of the amount of Employer Contribution Credits for such Plan Year. Notwithstanding
anything to the contrary in this Participation Agreement, the Employer retains sole and absolute discretion to determine both the
fact of and the amount of Employer Contribution Credits for any Plan Year; provided, however, that the Employer intends to exercise
such discretion in a manner that is not inconsistent with Section 3(a)(ii) of this Agreement.

 

		(ii)	Except with respect to any year during which the Employer determines there is good cause, the Employer
generally intends not to make adjustments to the amount of Employer Contribution Credits for a Plan Year as provided in Section
3(a)(i) if during such Plan Year the Employer has been Profitable.

 

(b)          Participant
Compensation Deferrals. The Participant may elect on an Election Form provided by the Employer to defer Compensation which
would otherwise be payable to the Participant in the manner provided in Section 3.2 of the Plan. The provisions of the Plan,
and in particular Sections 3.2, 4.1, 4.5, and 7.1 of it, shall apply to such Compensation Deferrals.

 

4.     
      Allocation and Investment of Participant’s Account. The Plan is an unfunded
deferred compensation arrangement for the select group of management or highly compensated employees. All rights with respect
to any assets that are related to the Plan, including any investment thereof, are exercised by the Employer and/or the
Trustee selected by the Employer. Pursuant to the terms of the Plan, the Participant understands that (s)he may communicate
the preference as to how any Plan assets that are related to the Participant’s Plan account should be deemed to be
invested among the categories of deemed investments that are available under the Plan. The provisions of Article IV of the
Plan shall apply to the credits in Participant’s Account without any distinction as to the source of such credit(s).
Accordingly, any election or deemed election with respect to the investment of Employer Contribution Credits shall also apply
to the Participant Compensation Deferrals, if any, and any election or deemed election regarding the investment of
Participant Compensation Deferrals shall also apply to any Employer Contribution Credits.

 

5.  
        Vesting.

 

(a)          Employer
Contribution Credits. Subject to Section 8 hereof, a Participant shall become 100% vested in his or her Employer Contribution
Credits for a Plan Year upon the following events:

 

		(i)	upon the Participant’s Normal Retirement;

 

		(ii)	upon the Participant’s Separation from Service following a Change of Control and subsequent
Triggering Event;

 

		(iii)	upon a Separation from Service due to a Disability;

 

		(iv)	upon completion of two (2) consecutive Years of Service immediately following the Plan Year for
which the Award was made; or

 

		(v)	upon the Participant’s death.

 

There shall be
no partial vesting of Employer Contribution Credits.

 

(b)          Participant
Compensation Deferrals. The Participant shall at all times be 100% vested in amounts credited to his or her Participant Compensation
Deferral Account.

 

    3

     

    

 

6.       
   Distribution of Benefits. The provisions of Article VI of the Plan shall apply to the
benefits associated with the Participant’s Account without any distinction as to the source of such benefit(s).
Accordingly, any election or deemed election with respect to the distribution of benefits related to Employer Contribution
Credits shall also apply to any Participant Compensation Deferrals and any election or deemed election regarding the
distribution of benefits related to Participant Compensation Deferrals shall also apply to Employer Contribution Credits.
Notwithstanding anything to the contrary in the Plan or this Agreement, if the Participant does not have any benefits related
to Participant Compensation Deferrals, then for purposes of Section 6.2 of the Plan, such Participant shall be deemed to have
failed to designate properly the manner of payment of the Participant’s benefit under the Plan, and, accordingly, the
payment of such Participant’s benefits shall be in a lump sum.

 

7.        
  Beneficiaries. The provisions of Article VII of the Plan shall apply to the benefits associated
with the Participant’s Account without any distinction as to the source of such benefit(s). Accordingly, any
designation or deemed designation of a Beneficiary for receipt of benefits related to Employer Contribution Credits shall
also apply to any benefits related to Participant Compensation Deferrals and any designation or deemed designation of a
Beneficiary for receipt of benefits related to Participant Compensation Deferrals shall also apply to any benefits related to
Employer Contribution Credits.

 

8.        
  Forfeiture of Benefits Related to Employer Contribution Credits.

 

		(a)	No Benefits Payable Upon Termination for Cause. Notwithstanding anything contained herein
to the contrary, no benefits related to Employer Contribution Credits shall be payable to the Participant if his or her employment
with the Employer is terminated for Cause, regardless of whether the Participant would otherwise be vested in his or her Employer
Contribution Credits. For purposes hereof, a Participant whose employment is terminated for any of the following reasons shall
be regarded as having been terminated for “Cause”:

 

(i)          willful
or grossly negligent misconduct that is materially injurious to the Employer;

 

(ii)         embezzlement
or misappropriation of funds or property of the Employer;

 

(iii)        conviction
of a felony or the entrance of a plea of guilty or nolo contendere to a felony;

 

(iv)        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;

 

(v)         failure
or refusal by the Participant to devote full business time and attention to the performance of his or her duties and responsibilities
if such breach has not been cured within fifteen (15) days after notice is given to the Participant; or

 

		(vi)	issuance of a final non-appealable order or other direction by a Federal or state regulatory agency
prohibiting the Participant’s employment in the business of banking.

 

		(b)	Competitive Employment. Notwithstanding anything contained herein to the contrary, and regardless
of whether the Participant would otherwise be vested in his or her Employer Contribution Credits, the Employer’s obligation
to make payments on account of such Employer Contribution Credits to the Participant or a Beneficiary under this Agreement will
be conditioned upon (i) the Participant refraining from Competitive Employment for a period of three (3) years following his or
her Separation from Service with the Employer, (ii) the Participant refraining from injurious disclosure of confidential information
concerning the Employer, and (iii) the Participant remaining available, at the Employer’s reasonable request, to provide
at least six (6) hours’ of transition services per month for twelve (12) months following his or her Separation from Service
(except in the case of a Separation from Service due to death or Disability); provided, however, that only condition (ii) of this
paragraph shall apply if the Participant has a Separation from Service following a Change of Control and subsequent Triggering
Event. If the Participant violates any of the foregoing conditions, then the Participant will forfeit all then-unpaid amounts related
to Employer Contribution Credits under this Agreement and be obligated to reimburse the Employer for all amounts paid hereunder,
plus interest thereon at the rate of 10% per year. If the Employer engages an attorney that is not its employee to collect any
amounts owed by the Participant pursuant to this paragraph, then the Participant will be obligated to reimburse the Employer
for any associated attorney’s fees and other costs of collection.

 

    4

     

    

 

9.       
  Taxes; Withholding. The Participant shall be responsible for the payment of all applicable local,
state and federal taxes associated with the Participant’s participation in the Plan and the receipt of benefits
hereunder, and the Employer shall have the right to deduct from any distributions hereunder any such taxes or other amounts
required by law to be withheld therefrom.

 

10.         General
Provisions

 

		(a)	No Assignment. All benefits under this Agreement shall not be subject in any manner to anticipation,
alienation, sale, transfer, assignment, pledge, encumbrance, or charge, and any such action shall be void for all purposes of this
Agreement. Benefits under the Plan shall not in any manner be subject to the debts, contracts, liabilities, engagements, or torts
of any person, nor shall they be subject to attachments or other legal process for or against any person, except to such extent
as may be required by law. This paragraph (a) does not prohibit the transfer or assignment to the Participant’s spouse,
former spouse or child of the right to receive all or a portion of the benefits payable to the Participant under this Agreement,
if such transfer or assignment is made pursuant to a domestic relations order issued by a court that is legally binding on the
Participant. Payment of benefits pursuant to such an order may not be made before the earlier of (i) when such benefits are actually
paid to the Participant or (ii) a date specified in the order that is not before the earliest date that benefits could actually
begin being paid to the Participant if he or she terminated employment. Any provision of an order for payment of benefits upon
the election of the spouse, former spouse or child cannot be given effect. Any payment of benefits pursuant to a domestic relations
order will be subject to tax withholding as provided by law. If a domestic relations order is served on the Employer, it will be
processed in accordance with the Employer’s rules for processing qualified domestic relations orders established pursuant
to Section 414(p) of the Code.

 

		(b)	No Employment Rights. Participation in the Plan, and the execution of this Agreement, shall
not be construed to confer upon the Participant the legal right to be retained in the employ of the Employer, or give the Participant
or any Beneficiary, or any other person, any right to any payment whatsoever, except to the extent of the benefits provided for
hereunder. The Participant shall remain subject to discharge to the same extent as if this Plan had never been adopted.

 

		(c)	Incompetence. If the Administrator determines that any person to whom a benefit is payable
under this Agreement is incompetent by reason of physical or mental disability, the Administrator shall have the power to cause
the payments becoming due to such person to be made to another individual for the Participant’s benefit without responsibility
of the Administrator or the Employer to see to the application of such payments. Any payment made pursuant to such power shall,
as to such payment, operate as a complete discharge of the Employer, the Administrator, and their representatives.

 

		(d)	Identity. If, at any time, any doubt exists as to the identity of any person entitled to
any payment hereunder or the amount or time of such payment, the Administrator shall be entitled to hold such sum until such identity
or amount or time is determined or until an order of a court of competent jurisdiction is obtained. The Administrator shall also
be entitled to pay such sum into court in accordance with the appropriate rules of law. Any expenses incurred by the Employer
or Administrator incident to such proceeding or litigation shall be charged against the benefits of the Participant.

 

		(e)	Amendment and Termination. Except as prohibited by applicable law, the Employer may unilaterally
modify, amend or terminate this Agreement; provided, however, that no modification, amendment or termination shall reduce any vested
benefit to which the Participant has already become entitled at the time of the modification, amendment or termination, including,
without limitation, benefits to which a Participant became entitled due to a Change of Control, unless the Participant consents
in writing to such modification, amendment or termination. Any modification, amendment or termination shall be evidenced by a written
instrument executed by the Employer and delivered to the Participant.

 

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		(f)	Compliance with Law. Notwithstanding any other provision of this Agreement to the contrary,
the Employer may amend, modify or terminate this Agreement, without the consent of the Participant, as the Employer deems necessary
or appropriate to ensure compliance with any law, rule, regulation or other regulatory pronouncement applicable to the Plan, including,
without limitation, Section 409A of the Code and any related regulations or other guidance promulgated with respect to Section
409A of the Code.

 

		(f)	Governing Law. To the extent not preempted by federal law, this Agreement shall be governed
by, construed and administered under, the laws of the State of Maryland, exclusive of the conflict of laws principles of that State.

 

		(g)	Severability. Should any provision of this Agreement be deemed or held to be unlawful or
invalid for any reason, such fact shall not adversely affect the other provisions hereof unless such invalidity shall render impossible
or impractical the functioning of this Agreement and, in such case, the Employer shall immediately adopt a new provision to take
the place of the one held illegal or invalid.

 

		(h)	Headings. The headings contained in this Agreement are inserted only as a matter of convenience
and for reference and in no way define, limit, enlarge, or describe the scope or intent of this Plan nor in any way shall they
affect this Agreement or the construction of any provision thereof.

 

(i)          Terms.
Singular nouns shall be read as plural and masculine pronouns shall be read as feminine, and vice versa, as appropriate.

 

		(j)	Successors. This Agreement shall be binding upon each of the parties and shall also be binding
upon their respective successors or assigns.

 

		(k)	Application of the Plan; Entire Agreement. The Participant acknowledges, by executing this
Agreement, that (i) 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, (ii) that a copy of the Plan and all amendments thereto
through the date hereof were provided to the Participant on the date hereof, and (iii) he or 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 are hereby superseded.

 

[SIGNATURES
APPEAR ON NEXT PAGE]

 

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[SIGNATURE
PAGE]

 

IN WITNESS WHEREOF,
each of the parties has caused this Agreement to be executed as of the date first written above.

 

	ATTEST:	 	FIRST UNITED CORPORATION:
	 	 	 	 
	 	 	By: 	                             
	 	 	Name:  Carissa L. Rodeheaver
	 	 	Title:    Chairman/Chief Executive Officer
	 	 	 	 
	WITNESS:	 	PARTICIPANT:
	 	 	 	 
	 	 	 
	 	 	Name:	 

 

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EXHIBIT A

First United Corporation Executive and
Director Deferred Compensation Plan, as amended and restated effective as of November 19, 2008

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