secwatch.observer — SEC 8-K summary
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Issuer:     FIRST COMMUNITY BANKSHARES INC /VA/ (FCBC)
CIK:        0000859070
Form:       8-K
Filed at:   2024-08-27T23:59:59+00:00
Accession:  0001437749-24-027865
Event type: other
Sentiment:  neutral
Materiality: 0.25
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/859070/000143774924027865/0001437749-24-027865-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/859070/000143774924027865/fcbc20240827c_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-24-027865

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