FCBC enters new employment agreements with CEO, President, CFO, COO, and CAO for three-year terms

FIRST COMMUNITY BANKSHARES INC /VA/

Five named executive officers including CEO William P. Stafford, II and CFO David D. Brown signed new employment agreements effective Jan 1, 2024.
Initial three-year terms ending Dec 31, 2027, with automatic annual renewal extending the term by another three years.
Severance: 18 months base salary and benefits if terminated without cause (or for good reason) outside a change of control.
Change of control severance: 36 months of base salary and benefits, subject to golden parachute excise tax reduction.
Post-termination non-compete, non-solicitation, and confidentiality covenants apply during employment and for restricted periods.

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