First Community Bankshares adopts Executive Incentive Compensation Plan for 2022

FIRST COMMUNITY BANKSHARES INC /VA/

Plan effective Jan 1, 2022; approved May 24, 2022; renews annually.
Key financial metric for 2022 is Return on Average Equity (ROAE); threshold, target, max set vs peer group.
NEOs include Stafford, Mills, Brown, Belcher, Harmon; target incentive ranges 12.5% to 50% of salary.
KPIs for 2022: budgeted net income, efficiency ratio, return on assets; payouts subject to clawback.
No incentive paid if ROAE below threshold; maximum capped at 2x target.

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