secwatch.observer — SEC 8-K summary
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Issuer:     FIRST NATIONAL CORP /VA/ (FXNC)
CIK:        0000719402
Form:       8-K
Filed at:   2025-03-10T23:59:59+00:00
Accession:  0001437749-25-006862
Event type: leadership
Sentiment:  neutral
Materiality: 0.65
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

First National appoints Brad Schwartz as CFO effective March 31, 2025
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- Brad Schwartz, former President/COO of TowneBank (retired Dec 2022), named EVP and CFO.
- Effective March 31, 2025; Bruce Thomas remains interim CFO until that date.
- Employment agreement: 2-year term starting March 31, 2025, with annual auto-renewal.
- Base salary $300k, incentive target ≥30% of base, relocation reimbursement up to $75k.
- Non-compete and non-solicitation covenants extend 12 months after termination of employment.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/719402/000143774925006862/0001437749-25-006862-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/719402/000143774925006862/fxnc20250307_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-25-006862

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