First Community Corp Announces Board and Officer Changes

Ticker: FCCO · Form: 8-K · Filed: 2024-07-01T00:00:00.000Z

Sentiment: neutral

Topics: governance, board-changes, executive-appointments

Related Tickers: FCCO

TL;DR

FCCO board shakeup: new directors elected, exec comp details filed.

AI Summary

On July 1, 2024, First Community Corporation (FCCO) filed an 8-K report detailing changes in its board of directors and executive officers. The filing includes information on the election of new directors and the appointment of certain officers, along with details on compensatory arrangements.

Why It Matters

Changes in a company's board and executive team can signal shifts in strategy, governance, or operational focus, potentially impacting future performance and shareholder value.

Risk Assessment

Risk Level: low — The filing reports routine corporate governance changes and does not indicate any significant financial distress or operational issues.

Key Players & Entities

FAQ

What specific changes were made to the board of directors?

The filing indicates the election of directors and departure of certain officers, but specific names and the exact number of changes are detailed within the full report.

Are there any new executive appointments mentioned?

Yes, the filing notes the appointment of certain officers as part of the reported changes.

What is the primary reason for this 8-K filing?

The primary reason is to report on the departure of directors or certain officers, the election of directors, and the appointment of certain officers, as well as compensatory arrangements.

When was this report filed with the SEC?

This report was filed on July 1, 2024.

What industry does First Community Corporation operate in?

First Community Corporation operates in the Commercial Banks industry, with a Standard Industrial Classification code of 6022.

Filing Stats: 1,457 words · 6 min read · ~5 pages · Grade level 12.6 · Accepted 2024-07-01 17:25:28

Key Financial Figures

Filing Documents

02 Departure of Directors or Certain Officers; Election of Directors;

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On Form 8-K filed with the U.S. Securities and Exchange Commission on December 14, 2023, First Community Corporation (the "Company"), the holding company for First Community Bank (the "Bank"), announced that effective July 1, 2024, (i) J. Ted Nissen will become Chief Executive Officer of the Bank and (ii) the board of directors of each of the Company and the Bank will expand to 13 directors and appoint Mr. Nissen as a director of the Company and the Bank to fill such vacancies. In connection with this transition, effective July 1, 2024, Mr. Nissen, the Company, and the Bank entered into an Amended and Restated Employment Agreement, which amends and restates Mr. Nissen's prior employment agreement dated December 8, 2015 (the "Amended and Restated Employment Agreement"). Under the Amended and Restated Employment Agreement, Mr. Nissen will serve as the Bank's Chief Executive Officer, and will continue his roles as the Bank's President and the Company's Executive Vice President and Chief Banking Officer. The Amended and Restated Employment Agreement provides for an initial term of three years, to be extended automatically each day for an additional day so that the remaining term of the agreement will continue to be three years. The term may be fixed at three years without extension by notice from either party to the other. The Amended and Restated Employment Agreement provides for an annual salary of $425,000 that is reviewed annually and may be increased from time to time. Mr. Nissen will continue to be eligible (i) to participate in any long-term equity incentive program, (ii) for his salary continuation agreement as previously entered into and as amended from time to time, (iii) to participate in all retirement, health, welfare, insurance, and other benefit plans or programs applicable generally to employees

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits Item Exhibit List 10.1 Amended and Restated Employment Agreement, effective July 1, 2024, by and among First Community Corporation, First Community Bank, and J. Ted Nissen. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

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: July 1, 2024

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