J. Ted Nissen becomes Bank CEO; enters amended employment agreement with $425K base salary

FIRST COMMUNITY CORP /SC/

Effective July 1, 2024, Nissen appointed CEO of First Community Bank, retains President and Executive VP roles.
Amended employment agreement includes $425,000 annual salary, 3-year rolling term, and eligibility for equity and cash bonuses.
Severance upon termination without cause: 2 months' salary lump sum plus 22 monthly payments of full base salary.
Change-in-control severance: 3x annual salary lump sum, COBRA subsidy for 6 months, and full vesting of equity awards.
Non-solicitation and non-compete covenants extend 24 months post-employment.

item 5.02 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed

J. Ted Nissen

Director

FCCO · FIRST COMMUNITY CORP /SC/

Effective: 2024-07-01
Filed: July 1, 2024, 7:59 PM ET

the board of directors of each of the Company and the Bank will expand to 13 directors and appoint Mr. Nissen as a director of the Company and the Bank

Appointed

J. Ted Nissen

Chief Executive Officer

FCCO · FIRST COMMUNITY CORP /SC/

Effective: 2024-07-01
Filed: July 1, 2024, 7:59 PM ET

J. Ted Nissen will become Chief Executive Officer of the Bank

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

J. Ted Nissen was appointed as Director at FIRST COMMUNITY CORP /SC/.

Action: appointed
Role: Director

Exact text from the filing

the board of directors of each of the Company and the Bank will expand to 13 directors and appoint Mr. Nissen as a director of the Company and the Bank

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

J. Ted Nissen was appointed as Chief Executive Officer at FIRST COMMUNITY CORP /SC/.

Action: appointed
Role: Chief Executive Officer

Exact text from the filing

J. Ted Nissen will become Chief Executive Officer of the Bank

View on SEC.gov

FIRST COMMUNITY CORP /SC/ filing history →

Source: SEC EDGAR

accession 0001552781-24-000388

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