secwatch.observer — SEC 8-K summary
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Issuer:     FIRST COMMUNITY BANKSHARES INC /VA/ (FCBC)
CIK:        0000859070
Form:       8-K
Filed at:   2022-05-31T23:59:59+00:00
Accession:  0001437749-22-013925
Event type: other
Sentiment:  neutral
Materiality: 0.25
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

First Community Bankshares adopts Executive Incentive Compensation Plan for 2022
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/859070/000143774922013925/0001437749-22-013925-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/859070/000143774922013925/fcbc20220527_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-22-013925

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer