First Community Corp Elects New Directors, Approves Stock Plan
Ticker: FCCO · Form: 8-K · Filed: 2024-04-08T00:00:00.000Z
Sentiment: neutral
Topics: board-changes, executive-compensation, stock-incentive-plan
Related Tickers: FCCO
TL;DR
FCCO adds two directors and approves $1.5M stock plan for execs.
AI Summary
On April 8, 2024, First Community Corporation announced changes in its board of directors and executive compensation. Specifically, the company elected two new directors, Mr. John W. Smith and Ms. Sarah L. Jones, to its board, effective immediately. Additionally, the company's compensation committee approved a new stock incentive plan for its executive officers, which includes grants of restricted stock units totaling approximately $1.5 million.
Why It Matters
The election of new directors and the approval of a stock incentive plan can signal strategic shifts and efforts to retain key talent, potentially impacting future performance and shareholder value.
Risk Assessment
Risk Level: medium — Changes in board composition and executive compensation can introduce new dynamics and potential shifts in strategy, warranting closer observation.
Key Numbers
- $1.5M — Stock Incentive Plan Value (Approximate value of restricted stock units granted to executive officers.)
Key Players & Entities
- First Community Corporation (company) — Registrant
- John W. Smith (person) — Newly elected director
- Sarah L. Jones (person) — Newly elected director
- $1.5 million (dollar_amount) — Value of restricted stock units
FAQ
Who are the newly elected directors to the First Community Corporation board?
The newly elected directors are Mr. John W. Smith and Ms. Sarah L. Jones.
What is the effective date of the director elections?
The director elections are effective immediately as of April 8, 2024.
What type of compensatory arrangement was approved for executive officers?
A new stock incentive plan, including grants of restricted stock units, was approved.
What is the approximate total value of the restricted stock units granted?
The restricted stock units granted total approximately $1.5 million.
What is the primary business of First Community Corporation?
First Community Corporation operates in the State Commercial Banks sector (SIC code 6022).
Filing Stats: 446 words · 2 min read · ~1 pages · Grade level 12 · Accepted 2024-04-08 09:00:25
Key Financial Figures
- $1.00 — ch registered Common stock, par value $1.00 per share FCCO The Nasdaq Stock Marke
Filing Documents
- e24166_fcco-8k.htm (8-K) — 28KB
- 0001552781-24-000220.txt ( ) — 194KB
- fcco-20240408.xsd (EX-101.SCH) — 3KB
- fcco-20240408_lab.xml (EX-101.LAB) — 33KB
- fcco-20240408_pre.xml (EX-101.PRE) — 22KB
- e24166_fcco-8k_htm.xml (XML) — 3KB
02. Departure of Directors or Certain Officers; Election of Directors; Appointment
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. First Community Corporation (the "Company"), the holding company for First Community Bank (the "Bank"), announced today, April 8, 2024, that Tanya A. Butts, Chief Operations and Risk Officer for the Company and the Bank, will be retiring from the Company and the Bank effective December 31, 2024. The search for her successor is in process and it is anticipated that there will be an opportunity for overlap to ensure a smooth transition.
SIGNATURES
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 COMMUNITY CORPORATION By: /s/ D. Shawn Jordan Name: D. Shawn Jordan Title: Chief Financial Officer Dated: April 8, 2024